Indices in this article
FRANKFURT (dpa-AFX) – After the strong previous week with records on Friday, equity investors (DAX 30) initially did not venture any further forward at the start of the week. The leading index Dax (DAX 30) was quoted after the first half hour in Xetra trading with minus 0.06 percent to 15,683.27 points. The MDAX of medium-sized companies fell 0.15 percent to 33,637.83 points. The leading Eurozone index EuroStoxx 50 (EURO STOXX 50) lost 0.1 percent.
Incoming orders in German industry in April were worse than economists had expected. The slight minus could be overlooked, however, because the shortage of materials probably played a role in the decline, Thomas Gitzel, chief economist at VP Bank, analyzed the data. The previous month’s data, which had been significantly revised upwards, put the slight minus in April into perspective once more.
In the US, the stock markets had got going before the weekend after the mixed labor market report had at least not heightened interest rate worries. “As long as economic data – such as the labor market report from Friday – are at most mediocre, no one on the stock market is afraid of a massive rise in interest rates,” said portfolio manager Thomas Altmann from asset manager QC Partners in the morning. Also statements from the US Treasury Secretary Janet Yellen“Interest rates should rise slightly,” said Altmann.
The European auto sector continued its strong run as the best in the Stoxx 600 industry overview. Until the record set in 2015, he doesn’t feel like much anymore. In the Dax, the shares of the supplier Continental were ahead with plus 1.6 percent. The shares of the food delivery service Delivery Hero gave up their Friday profits and were down 1.8 percent in the Dax.
Morphosys (MorphoSys) initially continued their price recovery, but then fell back and lost 1.4 percent. On Friday evening, the antibody specialist and partner Incyte announced positive study data for a cancer drug. After a takeover notification and a complex financing partnership, the price had dropped to its lowest level since 2017 in the middle of the previous week.
The shares of SYNLAB, which have made little progress since their IPO at the end of April, have now been boosted by initial and almost exclusively positive analyst assessments. The laboratory service provider’s papers gained 1.6 percent./ajx/men