The Dax rose to its highest level since the end of May on Wednesday. Most recently, the leading German index was 0.53 percent higher at 18,781 points. In mid-May, the Dax reached a record high of 18,892 points. Since the price collapse at the beginning of the month, the DAX has now recovered by a good 10 percent. What the winnings are worth will probably only become clear in the evening. Investors are eagerly awaiting the quarterly results and, above all, the forecasts from the US chip heavyweight Nvidia. The MDax, meanwhile, fell by around 0.1 percent to 25,257 points. The Eurozone leading index EuroStoxx 50 rose by 0.3 percent.
The day before, the Dax had surpassed the 18,700 point mark for the first time since mid-July, albeit only briefly. Since the price collapse at the beginning of the month, the Dax has gained almost 10 percent. Whether the push towards May’s record high of 18,892 points continues will probably initially depend on the Nvidia signals. In any case, the Dax is still stuck on its correction trend from the record and the interim high in mid-July.
Rheinmetall in demand, Zalando at the end of the DAX
Rheinmetall was at the top of the DAX. The shares of the defense company and automotive supplier rose by 1.5 percent. Zalando carried the red lantern at the end of the leading German index. The online mail order company lost one percent in value.
Meanwhile, a press report that Volkswagen has reached its cost savings target this year caused little movement not reached. The preferred shares only lagged slightly behind the DAX.
Meanwhile, the stock market welcomed a new boss for Flatexdegiro. The online broker’s shares rose by 3.4 percent to 13.48 in the SDax, their highest level in a good two months. The shares thus approached the most recent high from the beginning of June at 14.30 euros.
Merger and takeover scenarios from investment bank JPMorgan for the food delivery industry also boosted Delivery Hero’s price slightly. The shares of the company listed in the MDax rose by 0.6 percent.
Wall Street closes tighter
On the US stock market, the most important indices mostly rose slightly on Tuesday. The leading index Dow Jones, which had reached another record the previous day at 41,420 points, closed with a plus of 0.02 percent at 41,250 points. Things looked better for the technology-heavy Nasdaq 100, which had been weak the day before, with a premium of 0.33 percent to 19,581 points. The market-wide S&P 500 gained 0.16 percent to 5,625 points.
Investors on the technology-heavy Nasdaq stock exchange are waiting for Nvidia’s quarterly figures, which the chip manufacturer will publish on Wednesday after the market closes. Until then, the willingness to take risks is rather low, wrote the experts at Index Radar. Because of its market capitalization and recent immense growth alone, the company is able to move stock markets worldwide with its chips for artificial intelligence.
Bitcoin slides below $60,000
Bitcoin came under pressure on Wednesday night. The price fell to almost $58,000 in early trading, but has recently recovered somewhat. At just under $100, it is currently around $1,500 below the level on Tuesday evening. The oldest and best-known cryptocurrency gave up all the gains it had made after the speech by US Federal Reserve Chairman Jerome Powell on Friday afternoon. At the weekend, Bitcoin temporarily cost $65,000.
Powell saw in his highly anticipated speech the time has come for interest rate cuts. However, he kept the monetary policy course open for the coming months. It is time to realign monetary policy, he said on Friday at the central bank conference in Jackson Hole, Wyoming. Lower interest rates are considered positive for investments that are considered risky, such as cryptocurrencies, because they make fixed-interest investments less attractive.
Oil prices higher
Oil prices rose slightly on Wednesday morning. A barrel (159 liters) of the North Sea Brent variety for delivery in October last cost 79.66 US dollars, 0.11 dollars more than on Tuesday, while the price for a barrel of the US variety West Texas Intermediate (WTI) fell by 0 .08 percent rose to $75.61.
After the more significant setback the day before, oil prices are still at the level of Friday evening. A stop in oil deliveries from Libya and fears of a further escalation of the situation in the Middle East drove up prices for Brent oil and WTI on Monday and Tuesday. Up to $81.59 had to be paid for Brent and up to $77.60 for WTI. However, the prices fell again on Tuesday.
After exceptionally violent mutual attacks between the Lebanese Shiite militia Hezbollah and the Israeli army at the weekend, efforts to bring about a ceasefire in the Gaza war have now come to the fore again. This somewhat alleviates fears of a further deterioration of the situation in the Middle East.