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Frankfurt stock market reacts to interest rate fears - DAX loses 1.44%
Read the latest news about the weak performance of the German stock market in Frankfurt/Main, due to interest rate fears and geopolitical uncertainties. Find out how companies like Fresenius and Beiersdorf are reacting. #Stock market #Frankfurt #Interest rate fear #Geopolitics
Frankfurt stock market reacts to interest rate fears - DAX loses 1.44%
The German stock market reacted to growing concerns about persistently high interest rates with heavy losses. The DAX continued its correction that had been ongoing since the beginning of April and closed 1.44 percent lower at 17,766.23 points. The MDax also lost 1.79 percent and was quoted at 25,973.85 points. The rising yields on the US bond market, especially for ten-year bonds, unsettled investors. Strong U.S. economic data and stubborn inflation raised doubts about a rate cut this year, adding to interest rate fears. Investors' current nervousness increased with every new price decline. The ongoing conflicts in the Middle East, particularly between Israel and Iran, further increased uncertainty on the markets.
Amid the weak overall picture, the clinic operator and healthcare group Fresenius was one of the few winners in the DAX and was able to record a price increase after the market launch of the biosimilar Tyenne in the USA was announced. Beiersdorf also posted gains after raising its 2024 sales target, while automotive stocks such as Porsche AG and BMW suffered losses. Evonik presented positive preliminary quarterly figures, which led to an increase in shares in the MDax.
Steel stocks, including Salzgitter and Thyssenkrupp, suffered significant losses as record Chinese steel exports weighed on European manufacturers. The EuroStoxx 50, the leading index of the Eurozone, also lost value. While the stock exchanges in Paris and London recorded significant discounts, the stock exchanges in New York were slightly up at the European close.
On the bond market, the current yield rose, while the Rex bond index and the Bund future fell. The euro was trading at $1.0625 after the market closed, with the European Central Bank setting the reference rate at $1.0637. The dollar-euro ratio was therefore 0.9401 euros for one dollar.