Dusseldorf The leading German index remains on course for the psychologically important mark of 16,000 points. In the first few minutes of trading, the Dax was down 0.2 percent on Thursday at 15,868 points. On Wednesday it closed 0.1 percent up at 15,895 points – just 21 points below the high for the year so far.
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. 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.
The Federal Statistical Office published the German producer prices for March even before trading began. Accordingly, prices have risen by 7.5 percent compared to the same month last year, in February it was still 15.8 percent. It was the sixth straight decline. Producer prices are considered an important leading indicator for the further development of inflation.
Further signals will come from the USA on Thursday: The weekly initial jobless claims will be published here, and four high-ranking US central bankers will also comment. Investors are hoping for signals about the future course of monetary policy.
The US Federal Reserve published its “Beige Book” economic report on Wednesday. Accordingly, US economic activity has changed little in recent weeks, and expectations for future growth have also remained largely unchanged.
On Wednesday, mixed corporate balance sheets and concerns about future monetary policy dampened sentiment on Wall Street, and the indices closed little changed. Investors in Asia are also holding back on Thursday.
Look at the euro and oil
Oil prices fell further in early trading on Thursday. In the morning, a barrel (159 liters) of North Sea Brent for delivery in June cost 82.17 US dollars. That was 95 cents less than the day before. The price of a barrel of American West Texas Intermediate (WTI) grade for delivery in May fell 87 cents to $78.29.
The euro was stable below the $1.10 mark on Thursday morning. The common currency was trading at $1.0960 in early trade, 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 (ECB) set the reference rate at $1.0933 on Wednesday afternoon.
Look at individual values
Sartorious: The laboratory equipment supplier recorded a 22.1 percent decline in Ebitda to EUR 272 million for the first quarter. Nevertheless, the group confirmed its forecast for the year. “The basic growth drivers in our markets are still positive, which has been shown for many years by our robust double-digit growth rates, regardless of special effects,” says CEO Joachim Kreuzburg. The papers lose 9.9 percent.
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