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Stock market reacts: DAX closes 1.44 percent lower
The Frankfurt stock exchange is showing weakness in the face of rising interest rates and geopolitical tensions - an insight into the current developments on the German stock market. #Frankfurt Stock Exchange #German Stock Market #Economic Plans
Stock market reacts: DAX closes 1.44 percent lower
The German stock market reacted to rising fears of high interest rates with significant losses on Tuesday. 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 of medium-sized companies recorded a loss of 1.79 percent to 25,973.85 points.
Yields on the US bond market temporarily rose to 4.7 percent for ten-year bonds. Investors expressed concern over positive U.S. economic data and stubborn inflation, raising questions about a possible U.S. interest rate cut. Financial market expert Andreas Lipkow noted that interest rate fears continue to influence investors and nervousness has been increasing since the beginning of April.
Israel is considering steps after a possible major Iranian attack. This uncertainty is putting additional pressure on the market. In terms of company news, Fresenius saw the largest increase at 4.6 percent after the company announced the launch of biosimilar Tyenne in the United States. Beiersdorf raised its revenue target for 2024, causing shares to rise 1.1 percent. However, automotive stocks such as Porsche AG and BMW each lost around three percent.
In the MDax, Evonik's shares recorded an increase of 0.7 percent after positive quarterly figures. Nordex also recorded price gains after announcing incoming orders in the first quarter. Steel companies such as Salzgitter and Thyssenkrupp, however, recorded losses due to high Chinese steel exports.
The EuroStoxx 50, the leading index for the euro zone, lost 1.35 percent. The stock exchanges in Paris and London also recorded significant losses. In New York, on the other hand, the stock exchanges were slightly up at the end of European trading. The euro was trading at $1.0625 after the market closed. The ECB set the reference rate at 1.0637 US dollars in the afternoon. On the bond market, the current yield rose from 2.43 percent the day before to 2.49 percent.