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FRANKFURT (dpa-AFX) – More specific prospects for an aid package for the US economy gave the German stock market fresh impetus on Wednesday. Not only in the USA the stock exchanges recorded new highs. In Germany, the MDAX of the 60 medium-sized stocks climbed to a record high at the start of trading, before the profits largely crumbled again.
In early trading, the leading German index Dax (DAX 30) recently rose by 0.95 percent to 13,405.19 points. The MDax gained 0.11 percent to 29,686.67 points. The leading Eurozone index EuroStoxx 50 (EURO STOXX 50) rose by 0.68 percent to 3549.70 points.
“New hopes for the long-awaited US economic stimulus have given the US stock exchanges further strength. This dynamic continued in Asian trading and could be a support for the Dax,” said stock exchange expert Andreas Lipkow from Comdirect. As the sword of Damocles, however, the Brexit trade pact, which has not yet been tied down, is hovering over the markets.
In the evening, the British Prime Minister Boris Johnson wants to meet the EU Commission chief Ursula von der Leyen in order to pave the way for a deal. From this Thursday on, the EU heads of state and government will meet for their last summit of the year. In addition, the European Central Bank and its monetary policy will then come back into focus. Lipkow does not rule out further positive impulses for the Dax, at least from the central bank.
Among the individual stocks in the leading index, the eyes were on Covestro, whose shares rose 4.0 percent. Due to a better than expected final quarter, the plastics group increased its annual targets. Covestro is also more optimistic about the free cash inflow, which is of interest to shareholders.
In the MDax, Aurubis (Aurubis (ex Norddeutsche Affinerie)) looks somewhat cautiously into the future after growth in the past fiscal year, which was not particularly well received by investors. The copper and metal company’s paper has since lost a lot – but was recently only 1.2 percent in the red. Group boss Roland Harings expects operating pre-tax earnings of 210 to 270 million euros in the 2020/21 financial year (until the end of September). That would correspond to a small minus of five percent or, in the best case, a plus of more than a fifth.
The shares in the steel trader Klöckner & Co (KlöcknerCo (KlöCo)) also fell 7.5 percent in the SDAX small-cap index. According to KlöCo, the US financial investor Apollo and Swoctem GmbH withdrew a non-binding expression of interest. A trader was not surprised at the current price losses, but referred to the very strong run of the share of around 60 percent since November.
There was also news from BayWa. The shares reacted with a price premium of almost 2.0 percent to the fact that the agricultural wholesaler was finally able to secure the sale of a minority stake in the renewable energies business. Baywa boss Klaus Josef Lutz had been looking for an investor for around a year and a half. The energy business as a whole – including traditional energies – is Baywa’s biggest profit maker.
The furniture retailer Home24, which will soon be on the SDax, is also getting fresh money, whereupon the shares plummeted by 4.5 percent.