Frankfurt/Main (dpa) – With some tailwind from the Asian stock exchanges, the German stock market started the last trading day of the week in a friendly manner. China wants to mitigate the economic slowdown by lowering an important reference interest rate for long-term loans.
This has already boosted courses in the Far East. At the start, the German leading index Dax gained 1.23 percent on Friday to 14,052.84 points. A stagnation is thus becoming apparent on a weekly basis.
The MDax for medium-sized companies rose by a good one percent to 29,341 points. The leading eurozone index, the EuroStoxx 50, was up 0.8 percent.
In the USA in particular, high inflation and the associated prospect of sharply rising key interest rates have weighed heavily on the stock exchanges in recent weeks. Compared to the leading US index Dow Jones Industrial, the Dax had recently done well.
However, the stock exchange experts at Landesbank Helaba point out that “the Dax has so far failed to overcome the downward trend that has been observed since the beginning of the year”. That trendline is currently at 14,151, so it’s not too far away.
Adidas and Puma were among the losers in the Dax. As justification, traders referred to the weak price targets of the US competitor Footlocker before its quarterly report. In addition, Bank of America lowered the price target for Adidas and advised to sell.
Some stocks are trading lower on Friday with dividend discounts, such as Telefonica Deutschland, LEG Immobilien and Deutsche Pfandbriefbank.
In the SDax of the smaller stocks, Instone Real Estate fell by 6.8 percent, burdened by a canceled purchase recommendation from Deutsche Bank.
© dpa-infocom, dpa:220520-99-363463/3
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