On Thursday, the Dax suffered its sharpest slide since July last year. Investors’ euphoria after US Federal Reserve Chairman Jerome Powell’s indications of an interest rate cut in September failed to materialize, commented analyst Konstantin Oldenburger from broker CMC Markts. In addition, the weak car values had dragged the Dax down.
At the end of trading, the German leading index lost 2.30 percent to 18,083 points – the recovery of the past few days is completely gone. Given the slide below the 21, 50 and 100 day lines, the short to medium term prospects are poor from a chart perspective. The stock market barometer only held its ground clearly above the 200-day line, which is important for the long-term trend. However, the annual increase so far has shrunk to just under 8 percent.
The MDax for medium-sized companies ultimately fell by 1.46 percent to 25,001 points on Thursday. The Eurozone leading index EuroStoxx 50 fell by 2.2 percent. Despite the Bank of England’s first key interest rate cut since the big wave of inflation, the London Stock Exchange also clearly went downhill.
BMW and DHL are weighing on the Dax
The daily agenda on the German market on Thursday was well filled with business figures. DHL shares lost 6.3 percent at the end of the Dax. The sluggish global economy caused the logistics company to suffer a drop in profits in the second quarter. However, the price was particularly impacted by the cautious statements regarding the third quarter.
The car manufacturer BMW earned in the second quarter due to increased competition in the important market China less than expected, which caused him a three percent drop in share price. The other car titles also performed weakly. The truck manufacturer Daimler trucks lowered its forecast, according to traders, also more than expected. The price fell by 3.2 percent.
MTU is making a loss
An increased margin forecast following a strong quarter did not give MTU a lasting boost – the engine manufacturer’s shares closed 0.6 percent lower. Germany’s largest residential real estate group Vonovia made losses again in the first half of the year, but is becoming more confident about its annual targets. As one of the best DAX stocks, the shares rose by 2.4 percent.
The titles of Hugo Boss As MDax leaders, they gained a good 5 percent. They honored the fashion group’s greater focus on cost development.
Follow-up purchases after the strong price increase the day before helped the titles of the software group Teamviewer to achieve a similar increase. On Tuesday, Teamviewer convinced investors with quarterly figures.
Wall Street: Nasdaq slides into the red
US stock markets also fell on Thursday after a friendly start to trading. The Wall Street index Dow Jones Industrial recently fell by 0.5 percent to 40,682.43 points in early business. The technology selection index Nasdaq 100 fell by 1.5 percent. The profits from the previous day have almost been used up again.
Nasdaq 100
Meta stocks are jumping
With a price jump of almost eleven percent, Meta moved to the top of the Nasdaq 100 and S&P 100 and is now back on track to the record high reached at the beginning of July. The Zuckerberg Group raked in billions from its advertising business in the second quarter – and is immediately investing a large part in the expansion of data centers for artificial intelligence (AI). Founder and boss Mark Zuckerberg sees the chatbot Meta AI on the way to becoming the most used AI assistant in the world by the end of the year.
The shares of Nvidia also turned negative after yesterday’s recovery. After the latest price correction, the US bank Morgan Stanley named the AI champion as a “top chip pick” again, after which the shares rose by almost 13 percent on Wednesday.
Moderna, Boeing and Qualcomm with losses
Weak quarterly figures and a lower sales outlook weighed on shares Moderna strong. They fell 15 percent at the bottom of the Nasdaq selection index. The Biontech competitor expects there to be little interest in Europe in its corona vaccines in 2024. In the new York Listed shares from Biontech lost almost 6 percent.
The shares of Qualcomm, the world’s largest provider of smartphone processors, also fell by almost 6 percent. The trigger is concern that the telephone market will recover more slowly than hoped.
Pulled in the Dow Boeing the attention to yourself. They lost 4.3 percent at the end of the index. Relatives of people who died in two Boeing 737 Max plane crashes asked a federal judge in Texas to reject a settlement the plane maker reached with the U.S. Justice Department. This threatens a potential legal battle over how Boeing handles its criminal liability.
Oil prices are rising sharply
Oil prices rose again on Thursday as the situation in the Middle East worsened. A barrel (159 liters) of North Sea Brent for delivery in October last cost 81.38 US dollars. That was 55 cents more than the day before. The price for a barrel of US West Texas Intermediate (WTI) for delivery in September rose 45 cents to $78.35.
Oil prices continued their significant gains from the previous day. Tensions have risen in the Middle East following the targeted killing of a senior leader of the Islamist Hamas in Tehran. According to Hamas, its foreign chief, Ismail Haniya, was killed in an Israeli attack. Iran and Hamas threaten Israel with retaliation. Iran also wants to support Hamas even more.
Iran’s Supreme Leader Ayatollah Ali Khamenei has ordered a direct attack on Israel in retaliation for the death of a senior leader of the Islamist Hamas, according to a report. According to experts, Iran’s oil production facilities could also be affected if the conflict escalates further.
Oil prices were also supported by data on crude oil inventories in the USA. According to data from the Energy Ministry on Wednesday, these fell more than expected.