FRANKFURT / LONDON (IT BOLTWISE) – The DAX has exceeded the 24,000 point mark and thus reached a new high. Supported by positive data from German industry, investors are hoping for a year-end rally. While the MDax also rose, reinsurers and some pharmaceutical companies were less encouraging. Analysts see the development of the DAX as a possible signal for a continued recovery of the market.
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The DAX recently exceeded the psychologically important mark of 24,000 points, raising hopes for a year-end rally among many investors. This development is primarily due to positive order data from German industry, which is a sign of a possible recovery in the market. Analysts such as Christine Romar of CMC Markets see this crossover as a potential signal of continued upward movement.
While the DAX was able to gain, the upward movement on the US stock exchanges remained restrained. Market participants in the USA are expecting an interest rate cut by the US Federal Reserve Bank soon, which will influence the dynamics there. The MDax also recorded an increase, while the EuroStoxx 50 rose slightly. These developments show that the European market as a whole is on the move, even if not all sectors benefit equally.
The development was particularly noticeable among reinsurers such as Munich Re and Hannover Re, which had to accept losses. This is due to Swiss Re’s disappointing targets and share repurchase plans, which failed to meet investor expectations. Schott Pharma also suffered a setback as the company had to lower its medium-term targets, leading to an expected decline in operating profit.
However, companies such as Salzgitter and Thyssenkrupp stood out positively. Salzgitter benefited from a price target increase by Citigroup, while Thyssenkrupp benefited from the EU decision. There was a mixed picture in the defense sector: Renk was able to gain significantly after an upgrade by Bank of America, while Hensoldt and Rheinmetall slipped into the red after price target cuts.
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