The Portugal-gradation pushed the Dax temporarily below 6000 points. At the end of the index recovered. Source: AP
HB FRANKFURT. The Dax was fighting on Wednesday, as on previous days with the mark of 6 000 points. In the course of trading, the index fluctuated within a margin of 80 points, in the end, he noted in 0.3 percent increase at 6 033 meters. While clearly an unexpectedly brighter business in Germany supported the market, the ongoing unsettled dispute over aid to Greece and Portugal, the downgrading of the creditworthiness of investors.
The volume of trading in the DAX rose to 134.2 (Tuesday: 106.7) million shares, while sales increased to 3.34 (2.98) billion.
The U.S. stock markets have been slowed down by weak data from the U.S. housing market and were slightly higher at the close of trading in Germany in the negative. The Dow Jones index stood 0.2 percent lower at 10 865 points, the S & P 500 yielded 0.3 percent to 1 170 points. The Nasdaq Composite Index was 2 403 meters deep, with 0.5 percent.
In the German economy were the consequences in March, spring fever, as the strong economy in the markets ignored the Munich Ifo index signaled Institute. The business climate index rose 98,1 points to its highest level since June 2008 and thus stronger than had been expected by economists. "Overall, it appears that the economic recovery in Germany and the euro-zone progresses," said Helaba analyst Viola Stork.
One day before the EU summit was marked, according to stockbrokers from a stronger role of the International Monetary Fund (IMF) for assistance to Greece. "This would mean that European policy is not their disagreement with the problems to solve. The markets interpret this as a sign of weakness, reflecting primarily the euro," said a stock trader Ansgar Krekeler of the WGZ Bank.
The euro fell to $ 1.3341 and up to its lowest level since May 2009. "The euro is currently not perceived as an indicator of improved export opportunities, but as an indicator of the Greece-crisis," said another dealer. The downgrading of Portugal to ‘AA-‘ by Fitch briefly pushed the Dax down at 5 964 meters. Analysts said the news does not come as a surprise and should not be overestimated, since the country had this year, only a limited refinancing needs.
The Dax rose, the shares of Deutsche Boerse out with a plus of 4.6 percent. The Frankfurt stock exchange operator convinced traders that with his new austerity program, which includes the relocation of 250 jobs from Frankfurt and Luxembourg to Prague. Experts reiterated their buy recommendations and lifted its price target to 70 euros.
One of the biggest winners included Dax with a gain of 5.8 percent of the shares of Infineon. The chipmaker is currently facing such a strong demand facing that production can barely keep up.
CommerzbankTitles increased by 2.8 percent. The second largest German house had made money for the quarter ending a pre-tax profits in prospect. Among the winners were an increase of 1.5 percent K + S, After the management of salt and fertilizer producer had shown more confidence than last time. In May, the group will consider raising its sales forecast.
Dax-bottom was a minus of 2.2 percent on the previous days, the highly sought-after HenkelPapers.
With the technology worried values TecDax Q-Cells with a gain of 5.5 percent a sensation. The highly deficient cell manufacturers expected for the current year a clear business recovery.
On the other hand disappointed Kontron analysts with its outlook, the shares of the manufacturer of computers control almost four percent gave way. "2010 is still not a good year," said CEO Ulrich Gehrmann in an interview.