The Dax reached an all-time high during the Ascension Day holiday. The main German index had already continued its recent winning streak at the beginning of the session, but only in the afternoon did it venture to new highs. Encouraging economic signs from China and positive US labor market data provided tailwinds on Thursday.
But above all, the below-average sales are probably the reason for the significant price increase, because “in the reduced market, many fewer orders are already enough to move the Dax sustainably”, as the portfolio manager believes Thomas Altmann of QC- Said the partners.
The DAX reached its record high of 18,699.29 points at the end of the session and eventually gained 1.02 percent to 18,686.60 points. The MDax of medium-sized stocks increased by only 0.05 percent to 26,708.90 points.
Siemens Energy takes advantage of the previous day's price jump
“Trade data from China point to further economic recovery and with these expectations, shares in export-oriented companies are currently being bought in Europe,” said market expert Andreas Lipkow. Additionally, the number of weekly initial jobless claims in the United States rose significantly more than expected, fueling hopes of imminent interest rate cuts in the world's largest economy. This will give a boost to the stock market in this country. However, Lipkow doubts that the Dax can sustainably stay above the 18,600 level if trading activity picks up again.
At the top of the DAX, Siemens Energy shares continued their mid-week price jump with a gain of 3.3 percent. Analysts were mostly positive after the energy technology group raised its forecast on Wednesday following a strong quarter. Demand for networking technology continues to impress, wrote HSBC bank expert Sean McLoughlin. In addition, problems in Siemens Gamesa's loss-making wind business appeared to be under control.
Tank transmission manufacturer Renk leads SDax and its shares rise 4.7 percent
Renk stock also attracted attention because it replaced Varta in the SDax small-cap index. Shares of the tank equipment maker, which has been publicly traded since early February, rose 4.7 percent at the top of the index. As already announced by Deutsche Börse, the battery manufacturer Varta was removed from the index because it did not publish its audited annual financial report on time following a hacker attack.
Otherwise, many US stocks were trading at a dividend discount, such as Allianz, Mercedes, MTU and Vonovia on the Dax and Freenet and Fuchs on the MDax.
The eurozone's leading index, EuroStoxx 50, closed up 0.32 percent to 5,054.41 points. London saw gains of similar magnitude and in Paris the Cac 40 rose 0.7 percent. New York's leading index, the Dow Jones Industrial, rose 0.4 percent in late European trading.
Current yield falls to 124.35 points
The euro benefited from weak US labor market data and was last trading at $1.0776. The European Central Bank had previously set the reference rate at 1.0732 (Wednesday: 1.0743) dollars. Therefore, the dollar costs 0.9318 (0.9308) euros.
In the bond market, the current yield increased from 2.49 percent the day before to 2.55 percent. The Rex bond index fell 0.25 percent to 124.35 points. The Bund future fell 0.27 percent to 131.00 points.