Dax recovery is losing momentum

Dax recovery is losing momentum

The recovery rally in the Dax that started the day before ran out of air again on Friday morning. After an increase of around 1.9 percent, the leading German index turned off at 12,587 points.

It had already recovered by almost 5 percent from the previous day’s low of 12,000 points. On Friday around noon, the Dax was still up 0.4 percent on a daily basis at 12,402 points. The MDax of medium-sized German companies gained half a percent to 22,337 points, having previously stood at 22,777 points. The leading eurozone index, the EuroStoxx 50, recently recovered by 0.7 percent.

Real estate values ​​in particular were in demand across Europe on Friday, for which the turnaround in interest rates has been difficult so far this year. The Stoxx Europe 600 Real Estate had only seen its lowest level since 2012 on Thursday after an annual loss of almost 50 percent. TAG Immobilien recovered from this level by more than 7 percent as the MDax leader. Vonovia is at the top of the Dax with a plus of 5.5 percent after a previous day’s low since 2014.

Papers from Deutsche Bank are currently up 2 percent on the 7 percent increase in price from the previous day. At noon, the quarterly reports of the major US banks such as JPMorgan, Morgan Stanley and Citigroup are on the agenda.

Papers from Bayer leave some feathers after a strong week. The Leverkusen team was ordered by a Washington state court to pay 275 million US dollars. Several people who attributed illnesses to contact with polychlorinated biphenyls (PCBs) at a school had complained.

Among the small caps, Nordex gained a good 4.5 percent. The wind turbine manufacturer was able to significantly increase its sales prices in the third quarter.

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