The German stock market barely moved on Thursday after the holiday break. On the first trading day of May, the focus was on the review of the US interest rate decision, but also on the progress of Friday's US labor market report. Investors lacked security and therefore also had buying arguments. These also did not come from new eurozone economic data.
The Dax oscillated within a relatively narrow range around the previous day's level and closed with a loss of 0.20 percent at 17,896.50 points. The MDax fell 0.05 percent to 26,252.41 points.
US Federal Reserve postpones interest rate cuts indefinitely
There was more movement in the rest of the main European stock markets. The eurozone's leading index, EuroStoxx 50, fell 0.6 percent. In Paris, the CAC 40 lost 0.9 percent. By contrast, commercial hub London was in good shape: the FTSE 100 gained 0.6 percent. New York's leading index, the Dow Jones Industrial, rose about 0.5 percent at the end of European trading.
In mid-week, US Federal Reserve Chairman Jerome Powell again dashed hopes for interest rate cuts. It could take “longer than previously thought” for the Federal Reserve to gain more confidence that high inflation is actually subsiding. However, Powell also responded to concerns that the next interest rate move could even be an increase.
Bayer with a price jump, shares gain 2.9 percent
Bayer shares, one of the biggest losers so far this year, rose to the top of the DAX with a 2.9 percent price jump. Once again, litigation in the United States caused a stir. A trader referred to the “second major legal victory in a short time” because an appeals court in the US state of Washington overturned a ruling against the chemical and pharmaceutical company in the dispute over the chemical PCB, banned for decades.
Investors continued to profit from MTU shares, ultimately leading to a 2.8 percent price drop. They initially reacted positively to the engine maker's quarterly figures on Tuesday and extended their recovery since mid-April to almost 10 percent.
Weakness in Chinese companies drags Hugo Boss shares down
Hugo Boss initially had a good start to its operations after the fashion group delivered a better-than-expected performance in the first quarter. After the CFO's more cautious tone regarding the China business, the price turned significantly red. In the end the loss was 6.9 percent.
For Borussia Dortmund it increased by 5.1 percent. The football club has a chance of reaching the Champions League final thanks to a 1-0 victory against Paris Saint-Germain. At the same time, he was able to secure a starting spot again in Europe's lucrative elite league, because it is clear that the Bundesliga will get an additional starting spot there next season.
The current yield remains at 2.59 percent
The euro last traded at $1.0704. The European Central Bank set the reference rate at $1.0698 in the afternoon.
The current yield in the bond market remained at 2.59 percent. The Rex bond index fell 0.02 percent to 124.00 points. The Bund future rose 0.45 percent to 130.52 points.