Düsseldorf It was only a short break that the Dax took on this trading day. After being briefly positive, it slipped again at noon and closed with a minus of 0.29 percent at 12,606 points. The leading German index is currently struggling with losses: yesterday, Wednesday, the Dax gave up a large part of its gains and closed 0.4 more firmly at its daily low of 12,642 points.
Even at the start of trading on Thursday, the Dax followed the weak signs of the US stock exchanges. The most important indices there had fallen significantly. The losses widened in the course of the day, trading in Frankfurt was already over.
The MDax for medium-sized companies was also weaker in Thursday trading. It loses almost 1.3 percent to 26,424 meters. The leading Eurozone index EuroStoxx 50 was 0.6 percent lower.
Chris Williamson, chief economist of the research house IHS Markit, sums up the worries of stock exchange traders all over the world: “The big question now is whether the strong economic development will continue in the fourth quarter.”
The economic ray of hope from the Ifo Institute supported the buying mood of investors at least a little. The mood in German companies has brightened again: The business climate index rose by 0.9 to 93.4 points compared to the previous month. After the corona-related slump in spring, it is the fifth increase in a row. This reflects an upturn in sentiment in many industries.
“The German economy is stabilizing despite the increasing number of infections”, commented Ifo President Clemens Fuest. Once again, the companies assessed their current situation more positively and expected a further recovery in their business.
The European Central Bank (ECB) is a little more cautious. In the new economic report, the monetary authorities write that the economy continues to stand on shaky feet despite the strong recovery. “How strong the recovery will be is still very uncertain and still depends heavily on the further course of the pandemic and the success of the containment measures,” says the economic report.
The development on the real estate market was also in focus on Thursday. The Federal Statistical Office presented the house price index for Germany in the second quarter of the year. It shows that the prices for residential properties are defying the Corona recession. The German Institute for Economics (DIW) recently came to a similar conclusion.
In the second quarter, the prices for residential real estate averaged 6.6 percent higher than a year earlier. Compared to the previous quarter, apartments and one- and two-family houses cost two percent more. “This means that despite the corona crisis, residential real estate continued to become more expensive both in the city and in the countryside,” emphasized the statisticians. Bad for consumers, but good for the real estate industry.
Look at the individual values
Hella: The auto supplier is still under massive pressure due to the corona crisis. In the period from June to the end of August, both sales (minus 12 percent to 1.34 billion euros) and profits (around 50 percent to 56 million euros) plummeted. The red numbers hit the share price: They were 1.4 percent lower.
Thyssen-Krupp: The corona pandemic exacerbates the already tough crisis in which the industrial group is stuck. This also affects the share price again and again. On Thursday evening Thyssen-Krupp was 3.9 percent in the red.
Aviation industry: Things are going downhill for the entire industry: In the evening the papers of the Lufthansa 3.6 percent in the red. Airbus lost 3.4 percent and the engine manufacturer MTU 2.3 percent. The travel warnings within the European region to contain the corona pandemic continue to affect the industry.
Look at other asset classes
oil: The corona crisis also weighs on crude oil prices. They gave way in early trading on Thursday. In the morning, a barrel (159 liters) of North Sea Brent cost 41.49 US dollars. That was 28 cents less than on Wednesday. The price of a barrel of the US West Texas Intermediate (WTI) fell 37 cents to $ 39.56.
Lira: After the surprise rate hike by the Turkish central bank, the local currency is appreciably increasing in value. In return, a dollar cost 7.5597 lira 1.8 percent less. The Turkish central bank raised interest rates to 10.25 from 8.25 percent, the first rate hike in two years.
With agency material.