Dusseldorf After the rising prices of the past few days, the Dax started slightly negative on Wednesday and was 0.2 percent lower at 15,853 points in the first few minutes of trading.
Overall, however, the Dax has recently been on a record course: in the past four trading days it has reached four new highs for the year – and is increasingly approaching 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 point 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.
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 mark. If that were to change, it would be a surprise.
Investors are hoping for monetary policy signals on Wednesday. Three central bankers want to comment: John Williams, head of the Fed New York, ECB chief economist Philip Lane and ECB director Isabel Schnabel.
Investors expect further information from the publication of the “Beige Book”; of 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 showed little change on Tuesday. The focus was on the quarterly figures from Bank of America, which received tailwind from the Fed’s interest rate turnaround, and from Goldman Sachs, which was affected by the slump in investment banking. The Asian stock exchanges, meanwhile, fell slightly in the morning.
Look at the euro and oil
Oil prices fell slightly in early trading on Wednesday. In the morning, a barrel (159 liters) of North Sea Brent for delivery in June cost 84.46 US dollars. That was 31 cents less than the day before. The price of a barrel of American West Texas Intermediate (WTI) grade for delivery in May fell 28 cents to $80.58. 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 continued to trade at just under $1.10 on Wednesday morning. In early trade, the common currency was trading at $1.0970, about the same as the previous day. The one-year high of just over $1.10, marked late last week, remains within reach. The European Central Bank last set the reference rate at $1.0972 on Tuesday afternoon.
Look at individual values
Hypoport: After a weak final quarter, the financial service provider Hypoport 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 1.5 percent.
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