ROUNDUP/Stocks Frankfurt End: DAX record is getting closer

FRANKFURT (dpa-AFX) – An encouraging start to the US reporting season brought the Dax closer to its record high on Friday. At the end of trading, the leading German index rose by 0.85 percent to 19,373.83 points. On a weekly basis, this means an increase of 1.3 percent. The record achieved at the end of September was 19,491 points. The MDax of medium-sized companies rose by 0.35 percent to 26,838.50 points on Friday.

The stock market in New York once again provided support in the afternoon, where the US leading barometer Dow Jones Industrial and the market-wide S&P 500 reached record highs. The major banks JPMorgan and Wells Fargo are convincing investors with their quarterly figures. In the Nasdaq 100 tech stocks index, which was hardly changed at the close of the European stock market, Tesla shares suffered from high price losses.

“The relief of market participants about the surprisingly positive start to the US accounting season was clear,” commented financial market expert and stock exchange expert Andreas Lipkow. Producer prices that rose slightly more than expected and unexpectedly lower consumer sentiment in the United States could hardly have dampened market sentiment, said Lipkow, referring to the published economic data.

Behind the 3.9 percent higher shares of the aircraft manufacturer Airbus, the shares of Siemens Energy gained 3.3 percent in second place in the Dax. At times they cost more than 36 euros, meaning the price had tripled since the beginning of the year. The US bank JPMorgan had upgraded Siemens Energy from “Underweight” to “Neutral” and raised the price target from 13.00 to 32.80 euros. Robust demand and good operational implementation paved the way out of the crisis for the energy technology group, it said.

At Bayer, however, the negative trend continued. The pharmaceutical and agrochemical company lost another case in court in the dispute over the weed killer glyphosate. The shares were at the bottom of the DAX, losing 1.9 percent.

In the MDax, the shares of the concert organizer and ticket retailer CTS Eventim reached a record high after a buy recommendation from Deutsche Bank. It left trading with a plus of 1.1 percent. Lanxess fell 1.4 percent after JPMorgan downgraded it from neutral to underweight. The short-term prospects for the European chemical industry are difficult, said analyst Chetan Udeshi.

The consulting and IT service provider Adesso wants to buy back its own shares for up to 10 million euros. The news boosted the securities listed in the SDax small-cap index, gaining 4.4 percent. However, Friday was not a good day for Jost Works shareholders. Due to lower annual targets, the commercial vehicle supplier’s title fell by 5.4 percent.

The mood across Europe was relaxed on Friday: the Eurozone leading index EuroStoxx 50 entered the weekend at 5003.92 points, up 0.68 percent. Zurich and London also reported profits.

After the close of the local stock exchange, 1.0949 US dollars were paid for the euro. The European Central Bank (ECB) set the reference rate in the afternoon at 1.0938 (Thursday: 1.0932) US dollars, with the dollar costing 0.9142 (0.9147) euros.

On the German bond market, the current yield rose from 2.25 percent the day before to 2.26 percent. The Rex bond index gained 0.03 percent to 126.14 points. The Bund future fell by 0.20 percent to 133.20 points./ajx/he

— By Achim Jüngling, dpa-AFX —

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