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US labor market report disappoints: Dax closes significantly in the red
Current losses on the German stock market due to the Fed's uncertain interest rate cut prospects are weighing on the Dax. Experts discuss possible impacts and developments. #Stock market #Interest rate cuts #Dax losses
US labor market report disappoints: Dax closes significantly in the red
The uncertainty surrounding possible interest rate cuts by the US Federal Reserve has weighed on the German stock market. A robust jobs report from the US government has reinforced these concerns. Accordingly, the DAX fell by 1.24 percent to 18,175.04 points. Thomas Gitzel, chief economist at VP Bank, highlighted the continued positive labor market data in the US, seeing both benefits and potential complications for the Fed when it comes to rate cuts.
The leading index DAX lost 1.72 percent for the week, which was the first negative result after eight consecutive weeks of gains. The MDax of medium-sized companies also fell by 1.29 percent to 26,915.13 points. The day began with significant losses due to a decline on the New York stock exchanges triggered by statements from the president of the Minneapolis regional Federal Reserve Bank. The uncertainty surrounding interest rate cuts was reflected not only in the USA, but also on the European stock market.
At the top of the DAX index, Deutsche Börse shares recorded a slight gain. Overall, however, losses dominated due to the generally clouded mood. The leading European indices such as the EuroStoxx 50, the French Cac 40 and the British FTSE 100 also lost around one percent each. The euro fell against the US dollar while the bond market experienced slight fluctuations. The European Central Bank set the reference rate at $1.0841, while the current yield fell slightly to 2.40 percent.