Dusseldorf The German stock market ends the second successful trading week in a row. After an increase of three percent in the previous week, the leading index was also able to end this trading week with price gains. The prerequisite for this was a listing at the end of the session above 13,253 points, last Friday’s shooting range.
The Dax closed at 13,484 points, an increase of 1.5 percent. The German stock market thus leaves a successful month of July behind it – the most successful for six years. The June closing is 12,783 points.
A positive signal comes from the technical analysis. With the rise above the 13,400 point mark, the Dax has continued its 1000 point rally since the beginning of July. This upward movement came to an end for the time being on July 20 with the then daily high of 13,399 points.
However, with today’s new high coming in at 13,515 counters, this trend is likely to continue. The past seven trading days can be seen as a healthy consolidation within an uptrend.
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This also makes the next price target of the technical analysis clear: After the first phase of the upward movement with a range of 1000 points, the second phase could bring similarly high price gains. Then 14,400 points would be the next point of contact, which should not be easy to achieve in a seasonally weak stock market month of August.
The time at which the price rose at midday suggests that foreign investors in particular have pushed the Dax up. According to the survey by the analysis company AnimusX, the investment quota of local private investors is comparatively high. And according to the survey by the Frankfurt Stock Exchange, many domestic investment professionals are sitting on high book losses. Both points do not signal any major price gains for the Dax by German investors.
As on the previous days, it is the numbers from the major US technology stocks that are driving the stock market higher. On Thursday, after the US stock market closed, Amazon and Apple presented figures that are also welcomed on the German stock market. For some time now, there have been several signals that the tech weakness that has been pronounced so far is coming to an end – or has already ended.
The comparison with the US stock exchanges shows an interesting development. While the major indices on Wall Street reached their low for the year in mid-June, the Dax only marked this low three weeks later.
Since mid-June, the US stock market barometer has increased significantly, the Nasdaq index by 14 percent and the Dow Jones by eight percent. The Dax, with a plus of around six percent since the low for the year, still has some catching up to do.
Quiet location at the gas market
The situation on the gas market continues to calm down. The current futures contract with a term at the end of September is trading at 192.5 euros per megawatt hour, a minus of 3.2 percent. Last Wednesday, the price for the August contract peaked at EUR 227. This is the TTF futures contract for Dutch natural gas, which is considered to be a trend-setter for the European natural gas market.
However, further major price declines are not to be expected because of Russia’s reduced exports, says Commerzbank analyst Carsten Fritsch. “In the event of a complete halt to deliveries, there is a risk of another price jump.”
After a 10-day maintenance break, Gazprom pumped gas through the pipeline again last week, albeit in smaller volumes than before. On Wednesday morning, the state-owned company again restricted the gas volume from 40 percent to 20 percent of the pipeline capacity.
Look at the individual values
Siltronic: The chip industry supplier is confident of even more sales in the current year due to the weak euro and continued good demand. At the end of trading, the stock was up 6.3 percent. In 2022, revenues are likely to increase by 21 to 27 percent, after an increase of 15 to 22 percent had previously been planned. After sales of a good 1.4 billion euros last year, the lower end of the new outlook is at the level of the average analyst estimate.
Fuchs Petrolub: The lubricant manufacturer is struggling with price increases for raw materials as well as for freight, energy and personnel. In the first half of the year, the operating result shrank by six percent to 180 million euros, while sales increased by 16 percent to 1.64 billion. The development made the Executive Board more cautious when it came to the earnings outlook for the year as a whole. The share was nevertheless able to gain 2.7 percent.
Renault: Renault raised its forecast for the operating return for the current year to more than five percent. The French carmaker’s shares rose 5.2 percent on the Paris Stock Exchange. The index for the European auto sector fell 1.7 percent to.
beat: After two downgrades, the price went down significantly. The shares of the office furniture mail order company fell by 12.1 percent. Today they held the red lantern in the SDax. According to stockbrokers, the analysts at MM Warburg have put Takkt on “hold” from “buy”. Hauck & Aufhäuser now rate the titles “Sell” after previously “Hold”. The gloomy economic outlook is jeopardizing the company’s medium-term goals, writes Hauck & Aufhäuser expert Christian Salis.
Zalando: A bullish outlook from Amazon has given shares of the online fashion retailer a tailwind. The title rose by 6.5 percent to 27.35 euros and was the strongest value in the Dax. Although the higher costs can also be seen in the balance sheets of the world’s largest online retailer, Amazon can compensate for part of this through the sharp increase in sales, says Jürgen Molnar from RoboMarkets. “Amazon hasn’t seen much of a drop in buying behavior seen at Walmart.”
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