Frankfurt stocks: Dax is picking up speed | news
FRANKFURT (dpa-AFX) – Before the start of the quarterly reporting season for US companies, the initially stagnant German stock market collapsed on Wednesday. The Dax (DAX 40) was recently listed 0.73 percent higher at 15 257.97 points. The MDAX of mid-sized stocks gained 0.53 percent to 33,801.64 points. The EuroStoxx 50 (EURO STOXX 50) as the leading index for the Eurozone rose by around 0.6 percent.
In the early afternoon the US reporting season begins with the results of the bank JPMorgan (JPMorgan ChaseCo). The company’s results could determine the course development in the coming weeks, says analyst Thomas Altmann from QC Partners. Although the Brsians are expecting positive earnings dynamics to continue, they have slackened significantly compared to the previous quarter.
Meanwhile, rising energy prices are further fueling inflation in Germany. For the first time in almost 28 years, the annual rate of inflation exceeded the four percent mark in September. Consumer prices climbed 4.1 percent compared to the same month last year.
There was positive news from China: The boom in Chinese exports continues despite the shortage of chips, logistical difficulties and corona-related closures. In September exports from the second economy rose significantly and even more strongly than in the previous month.
After good quarterly figures, the papers from SAP (SAP SE) gained 4.7 percent. Europe’s largest software manufacturer earns significantly more in the third quarter than expected by the market and receives the annual outlook. “We are experiencing record demand for our applications and our platform,” said CEO Christian Klein. Analyst Mohammed Moawalla from the US investment bank Goldman Sachs praises the strong licensors and the business with rental software (cloud), especially in the short term.
According to an analyst recommendation, Sartorius shares (Sartorius vz) continued to recover from their most recent setback. For the papers of the laboratory outfitter and pharmaceutical supplier, there was an increase of 5.2 percent at the top of the Dax. Analyst Oliver Reinberg from Kepler Cheuvreux signaled further recovery potential with his target price of 555 euros. He expects the impressive growth trend to continue and become very dynamic in 2022.
Fraport shares (Fraport) increase by 0.8 percent. The passenger business at Frankfurt Airport weakened somewhat after the end of the summer vacation. The airport operator counted around 3.1 million airports in September.
At the biofuel manufacturer CropEnergies, higher raw material costs and increased energy prices include the results in the second business quarter. The profit was more than halved from June to the end of August, announced the Sdzucker subsidiary (Sdzucker). The Cropenergies title fields fell by 9.3 percent, those of the parent company Südzucker fell by 0.4 percent.
According to the key data published by ElringKlinger for the third quarter the day before, the shares of the automotive supplier continued their recovery on Wednesday. Most recently, they climbed 6.2 percent./edh/jha/
— By Eduard Holetic, dpa-AFX —