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Labor market data dampens DAX profits
Frankfurt shares end: DAX gains, but remains below 18,000 points. Labor market data from the USA influences developments. Find all the details here!
Labor market data dampens DAX profits
FRANKFURT (dpa-AFX) – The Dax still closed with a negative weekly result on Friday despite a slight increase. The announcement of the US labor market figures initially raised hopes of bigger gains, but the subsequent decline following the release of the ISM index for the US services sector dampened sentiment.
The Dax ended trading just above the 18,000 point mark at 18,001.60 points, which corresponds to an increase of 0.59 percent. Nevertheless, the leading German index recorded a weekly loss of 0.9 percent. The MDax, on the other hand, rose by 0.18 percent to 26,300.82 points.
Figures from the US showed that fewer jobs were created than expected in April and the unemployment rate rose slightly. In addition, wage growth unexpectedly weakened. These developments raised investors' hopes of interest rate cuts.
However, the unexpectedly significant increase in the price component in the ISM index curbed investors' interest rate cut fantasies. Ulrich Wortberg from Landesbank Hessen-Thüringen noted that expectations of further interest rate cuts should therefore not be increased.