FRANKFURT (dpa-AFX) – After a mixed week and a mixed quarter, the Dax can still make some progress. After one hour of trading, the leading index rose by 0.20 percent to 18,246.48 points, thus distinguishing itself positively from the MDax, which fell by 0.19 percent to 25,325.90 points. The leading index of the euro zone, the EuroStoxx, was at the same time just above its level of the previous day.
Wall Street rose slightly after the end of the European session, which helped prices somewhat. At the end of the week, inflation signals will be the center of attention: the evolution of consumer prices in France and Spain met expectations this morning. Later, data on prices in Italy and the PCE deflator in the United States, which is the preferred inflation measure of the US Federal Reserve (Fed), will also be released.
Investors are also critically watching the first round of parliamentary elections this weekend in France. “Marine Le Pen’s right-wing party is in the starting blocks to take over the reins of the French government,” said Frank Sohlleder, a market analyst at brokerage Activtrades. “Even if the election is not decided on Sunday, there will be trends on which way the pendulum will swing in France.”
Over the week, the Dax is up half a percent, which tends to stabilize it further. HSBC’s chart experts consider that the key index is currently in a “one step forward, one step back” phase. According to them, the first notable obstacle is the 50-day moving average line, which sits at 18,380 points. On the other hand, we must no longer go below the lows of the previous week, which are slightly below 18,000 points.
The last day of trading in June will also be an opportunity to take stock of the first half of the year: Currently, the Dax is heading towards an increase of around 9%, which is, however, strongly influenced by the first quarter. In the second quarter, the leading index has so far fallen by 1.3%.
Among individual stocks, Adidas and Puma were the center of attention due to Nike’s very disappointing outlook. The first waves of price declines have subsided, at least at Adidas, as it has become clear that the American company’s problems are mainly of internal origin. Nike also expects a drop in turnover for the new financial year.
Adidas stock was hesitant, as it even rose at times due to positive comments about the German sports equipment manufacturer’s second quarter. Analyst James Grzinic wrote in his outlook that some optimism for Adidas should be highlighted at the half-year level. At the end of the year, Adidas recorded a slight decline of 0.2 percent, while Puma remained down sharply by 2.7 percent. For Nike shares, a double-digit decline is looming.
Shares of Delivery Hero, which fell 1.8 percent to their lowest level since early March, were also losers on Friday. The early departure of current financial director Emmanuel Thomassin, which was only announced in September, was a source of uncertainty. According to Barclays analyst Andrew Ross, this is bad for morale, especially since no successor has yet been appointed. With Marie-Anne Popp and a role of provisional advisor to Thomassin, there is only an interim solution.
Securities of Deutsche Beteiligungs AG, listed on the SDax, also came under strong pressure and fell by almost 7% due to the announced issue of a 100 million euro convertible bond. According to information, these securities should sometimes be convertible into new shares. Investors therefore risked seeing their profits diluted.
Deutz shares, up 4.3 percent, fared better in the third-ranked index. The engine manufacturer announced a U.S. acquisition of Blue Star Power Systems. Warburg analyst Stefan Augustin viewed the expansion into generator sets as positive. Deutz is expanding its product portfolio and creating strategic opportunities /tih/jha/.
