Gloomy mood on the German stock market. The dax
lost 0.70 percent to 15,784 points as of Thursday afternoon, falling to its lowest level for the week. The MDax fell by 0.54 percent to 27,743 points. The EuroStoxx 50 held up slightly better at minus 0.33 percent.
Tesla’s quarterly figures in particular caused a stir. Analysts complained the unexpectedly weak profitability. Tesla shares fell 7.5 percent in premarket US trading. In Paris, Renault also lost more than 7 percent. After the quarterly report of the French concerns about impending price reductions for e-cars were also spreading here on the market – not least in view of the negative consequences of Tesla’s price discounts.
In view of this bad news, investors avoided the automotive sector: shares in Porsche, Conti, Mercedes, Volkswagen and BMW slipped between 3.5 and around 3 percent in the wake of Tesla. The corresponding sector index fell below the 50-day line as an indicator of the medium-term trend and recently lost 3.2 percent as by far the weakest of the Stoxx 600 sectors.
Sartorius shares collapse in double digits
According to stock marketers, the laboratory specialist Sartorius disappointed across the board with its report on the first quarter. The share contained in the Dax collapsed by 10 percent – to its lowest level since December 2022. In its wake, Merck’s shares also lost 2.1 percent. The Darmstadt-based company is also active in the laboratory business. Shares in the dialysis provider FMC even lost 4.8 percent.
Among the small caps in the MDax rose sixt by 1.7 percent. Bank Berenberg increased the price target for the car rental company’s ordinary shares to 147 euros, which means more than 30 percent upside potential.
US stock markets cautious
Inconsistent company figures had caused restraint on the US stock markets on Wednesday. The Dow Jones Industrial closed down 0.23 percent at 33,897 points. The broad S&P 500 ended 0.01 percent lower at 4155 points. The tech-heavy Nasdaq 100 fell 0.02 percent to 13,089 points.
Stock exchanges in Asia mainly weaker
The Nikkei index, which comprises 225 stocks, was 0.1 percent higher at 28,632 points. The broader Topix index fell 0.1 percent to 2,039 points. The Shanghai stock exchange was down 0.6 percent. The index of the most important companies in Shanghai and Shenzhen lost 0.5 percent.
Bitcoin falls below $30,000
The digital currency Bitcoin was last listed at $ 28,900. In November 2022, the currency plummeted from over $21,000 to around $16,000 on the back of the collapse of crypto exchange FTX. A year earlier, bitcoin hit a record high of $69,000.
Oil prices are falling noticeably
Oil prices on Thursday extended their losses from the previous day. In the morning, a barrel (159 liters) of the North Sea variety cost Brent
for delivery in June $82.17. That was 95 cents less than the day before. The price of a barrel of American West Texas Intermediate (WTI) grade for delivery in May fell 87 cents to $78.29.
Oil prices have been weighed down by rather weak US economic data for a few days. The US Federal Reserve’s economic report confirmed this picture on Wednesday evening. The report called “Beige Book” states that the US economy has not really made any headway in the past few weeks. The high inflation and the possible consequences of the bank turbulence are considered to be burdens.
On the other hand, the supply policy of the crude oil network Opec+ continues to provide support. Some of the 20 or so producing countries had recently surprisingly and significantly reduced their production. The countries, including Saudi Arabia, presented the move as a precaution against falling oil prices too much. The decision came at a time when the financial turmoil in the US and Europe had put pressure on crude prices. The situation has now calmed down.