Börse Express – New York shares: moderate gains after inflation data in line with expectations

NEW YORK (dpa-AFX) – New inflation figures did not stop the recent recovery of the US stock exchanges on Wednesday. The leading index Dow Jones Industrial recently gained 0.13 percent to 36,298 points. For the market-wide S&P 500
it went up by 0.29 percent to 4727 points. The tech-heavy Nasdaq 100 – still at its lowest level since mid-October on Monday – continued its recovery rally with an increase of 0.48 percent to 15,920.18 points. All three indices had nevertheless posted higher gains in early trading.

Consumer prices in the US rose by 7.0 percent compared to the same month last year. That’s the highest rate of inflation since 1982, but analysts were expecting it. Market observers now see interest rate hikes planned by the US Federal Reserve (Fed) as a reaction to high inflation and good economic development being incorporated into share prices.

The Fed will probably tighten the monetary policy reins only gradually and at a pace that the financial markets can cope with, wrote strategist Marko Kolanovic of the investment bank JPMorgan. In addition, the tightening of monetary policy is likely to be flanked by a strong cyclical recovery in the economy, according to the expert.

On the US bond market, the yield on ten-year US paper fell again towards 1.7 percent in the middle of the week. That also provided relaxation. But strategist Kolanovic sees no real burden on shares, even in rising capital market yields and interest rate expectations. Rather, they speak for shifts from growth stocks to valuable paper.

The shares of Biogen were among the individual stocks in the middle of the week
with a price loss of 6.5 percent in focus. The US public health insurance wants to severely limit the assumption of the immense costs for the Alzheimer’s drug Aduhelm from Biogen. The papers of the pharmaceutical company Eli Lilly , which investors say is developing an even more promising Alzheimer’s drug, fell 3.3 percent.

Meta shares were relatively unimpressed by a negative court decision with minus 0.3 percent. The competition lawsuit, with which the US government wants to break up the Facebook operator, has been accepted by a court in Washington at the second attempt. Judge James Boasberg now saw the allegation of unfair competition as much better justified in the amended lawsuit and also rejected Facebook’s request to dismiss the lawsuit.

In the Dow were the titles of the cloud computing specialist Salesforce
ahead with plus 1.8 percent. At the bottom of the leading index were the shares of Goldman Sachs with minus 2.7 percent./ajx/he

 ISIN  US2605661048  US6311011026  US78378X1072

AXC0340 2022-01-12/19:48

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