Dusseldorf After the rising prices of the past few days, investors initially held back on Wednesday, only later in the course of trading did the German share index make it into the profit zone. In the afternoon, the leading index was slightly higher at 15,895 points, up 0.1 percent.
Overall, the Dax has recently been on record course: In the past four trading days, it has reached four new highs for the year – and is getting closer and closer to the 16,000 point mark. The current high for the year is 15,916 points. On Tuesday, the Dax closed 0.6 percent higher at 15,882 points.
It is considered likely that the leading index will reach the 16,000 mark. This is supported by the fact that the upward movement for the whole of 2023 is intact. For example, Martin Utschneider, technical analyst at private bank Donner & Reuschel, has set his new price target at 16,600 points.
Despite the rally, which has already gone a long way, there are still new buyers, said Thomas Altmann, portfolio manager at asset manager QC Partners. The 16,000 point mark and the all-time high continued to cast a spell over investors. “Profit-taking remains manageable.”
So far, however, a breakout above 16,000 points has not been sustainable. The leading German index has not yet ended a trading month above this level. If that were to change, it would be a surprise.
Investors expect monetary policy signals from the publication of the “Beige Book”; the Fed’s economic report. It could provide further clues as to how the central bankers view the economic situation. The report will be published at 8 p.m. German time.
The specifications from the USA are mixed: Wall Street started in the red on Wednesday. The Asian stock exchanges, meanwhile, fell slightly in the morning.
Look at Euro, Oil and Crypto
Oil prices fell on Wednesday. A barrel (159 liters) of North Sea Brent for delivery in June last cost $82.97. The price of a barrel of American West Texas Intermediate (WTI) grade for delivery in May fell to $79.41.
In the middle of the week, inventory data from the USA will come into focus. In recent years, the USA has developed into one of the largest oil producers in the world alongside Saudi Arabia and Russia.
The euro was trading at $1.0957 at midday on Wednesday. The one-year high of just over $1.10, marked late last week, remains within reach.
There was an abrupt price slide on the market for digital currencies on Wednesday morning. Bitcoin fell back below the recently reclaimed $30,000 mark. The slump in Ethereum was even worse.
Look at individual values
Carl Zeiss Meditec: A lowered outlook causes the Carl Zeiss Meditec share to collapse by more than four percent. The medical technology group only expects an EBIT margin of between 17 and 20 percent in the 2022/23 financial year. He had previously aimed for a value between 19 and 21 percent. In the first half of the financial year, the operating profit fell to 143.9 million euros from the previous 177.3 million euros.
Gerresheimer: A flash capital increase puts Gerresheimer under pressure. The Düsseldorf packaging manufacturer quickly contained initial price losses of up to 3.7 percent and was still down 1.7 percent in the afternoon. Some potential for this year’s and medium-term forecasts capped the downward pressure, a trader said. The group justified the issue of new shares by wanting to take advantage of significant growth opportunities.
Heineken: Investors toast Heineken’s retained profit forecast despite the drop in beer sales at the beginning of the year. The titles of the world’s second largest brewer temporarily rose by 3.7 percent in Amsterdam. The Credit Suisse analysts said the confirmation of the outlook for the year as a whole made things easier for investors. Beer drinkers in Europe supported Heineken, while results in Asia, Africa and the Middle East disappointed.
Hypoport: After a weak final quarter, the financial service provider sees signs of improvement, especially in private real estate financing. Compared to the same period last year with record values, the transaction volume in the first quarter of 2023 fell by more than half to 253.6 million euros, as the company announced on Wednesday. The papers lose almost ten percent in the course of trading.
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