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The Dax falls back after marking a new record and exceeding 16,500 points

Date: June 19, 2024 Time: 19:02:26

The DAX 40 of the Frankfurt Stock Exchange broke a record above 16,500 points this Monday at noon, driven by growth and inflation figures from the euro area and the upward trend in Asian stock markets, but has since lost some positions. The Frankfurt selective is trading with a modest rise of 0.04% with less than an hour to go before the markets close. Previously, the DAX 40 reached an all-time high of 16,528 points.

The rebound occurred in the heat of the CPI and GDP data published by Eurostat, which show that the gross domestic product (GDP) of the euro area grew by 0.3% in the second quarter compared to the previous quarter, and inflation general fell in July to 5.3% (5.5% in June), figures that could lead the European Central Bank (ECB) to pause raising its interest rates in September.

Some of the data for China’s manufacturing activity in July was also better than expected despite it contracting for the fourth consecutive month and demand worsening further, albeit at a slower pace, a factor that has played a role in this rebound. Last week the Federal Reserve (Fed) and the ECB raised their interest rates by a quarter point, respectively, and said that their next decisions came from economic data.

The markets anticipate that the central banks have already reached the maximum interest rate in this upward cycle or are very close to doing so and therefore equities rise. In Frankfurt, Siemens Energy, which has fallen more than 11% so far this year, lost 3.1% half-time, up to 15.3 euros, due to information about its wind energy division due to the problems of new turbines that could postpone some deliveries.

The manufacturer of construction materials Heidelberg Materials left 1.9%, up to 73.20 euros, and Deutsche Börse, manager of the Frankfurt Stock Exchange, gave up 1.1%, up to 174.4 euros. For its part, the largest revaluations come from the laboratory equipment supplier Sartorius (+1.96%), as well as from Bayer (+1.7%) and the armaments and automotive components company Rheinmetall rose 2. 2%, up to 258.80 euros, Sartorius gained 2%, up to 374 euros.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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