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The German stock market is behaving cautiously in view of the threat of escalation in the Middle East conflict
There is still reluctance on the German stock market due to the threat of an escalation in the Middle East conflict. The Dax started trading cautiously and recorded a small minus of 0.1% to 15,169 points at midday. The MDax and the EuroStoxx 50 also showed slight losses. The lack of an Israeli ground offensive in the Gaza Strip and the possible pro-European change of government in Poland contributed somewhat to the tension on the stock market, but analysts fear that threats from Iran will further escalate the conflict. The stock exchanges in Asia were unable to provide any positive impulses for the German market. In China, prices fell despite a cash injection from the central bank and stricter regulations...
The German stock market is behaving cautiously in view of the threat of escalation in the Middle East conflict
There is still reluctance on the German stock market due to the threat of an escalation in the Middle East conflict. The Dax started trading cautiously and recorded a small minus of 0.1% to 15,169 points at midday. The MDax and the EuroStoxx 50 also showed slight losses. The lack of an Israeli ground offensive in the Gaza Strip and the possible pro-European change of government in Poland contributed somewhat to the tension on the stock market, but analysts fear that threats from Iran will further escalate the conflict.
The stock exchanges in Asia were unable to provide any positive impulses for the German market. In China, prices continued to fall despite a cash injection from the central bank and stricter regulations on short selling of stocks.
The focus of the German market was interest in buying defense stocks due to developments in the Middle East. Rheinmetall shares rose by 1.3% and Hensoldt by a further 0.1%. Thyssenkrupp also recorded an increase of 2%, due to positive developments at the submarine and naval subsidiary TKMS as well as a positive study on steel competitor Salzgitter.
The Mainz-based biotech company BioNTech is feeling a drop in demand for corona vaccines. After US partner Pfizer has already announced a reduction in its sales and profit targets, BioNTech is also examining the impact on its business. For the third quarter, the company expects depreciation of up to 900 million euros, which could reduce sales revenue for 2023. This caused BioNTech shares to fall by 8.9%.
The impact on the market and the financial sector could be that the uncertainty due to the Middle East conflict and the collapse in demand for BioNTech leads to further investor reluctance. The DAX could therefore continue to plod along for the time being and the financial sector could be confronted with uncertainty and possible price losses for defense and biotechnology companies.
Source: According to a report by www.boersen-zeitung.de
Read the source article at www.boersen-zeitung.de