New fears of inflation and interest rates put the Dax under pressure on Friday. The triggers came from the USA: First of all, US Federal Reserve Chairman Jerome Powell surprisingly described a stronger rate hike as possible this week.
Then, on Thursday, the collapse of crypto bank Silvergate Capital and the fall in the share price of SVB Financial, a Silicon Valley startup financier, caused losses on Wall Street. The sell-off in shares has now continued in Europe. There is also uncertainty about the US labor market report for February, which is expected this afternoon.
The Dax fell by 1.56 percent to 15,388.20 points by midday. On a weekly basis, there is a risk of a loss of a little more than one percent after the leading German index had climbed to a thirteen-month high at 15,706 points on Tuesday. The MDax lost 1.65 percent on Friday to 27,972.60 points.
The banking sector was avoided across Europe. In Germany, Deutsche Bank shares lost 7.6 percent and held the red lantern in the Dax. Commerzbank shares followed with minus 4.7 percent.
The papers of the commercial vehicle manufacturer Daimler Truck went down by 4.7 percent. After a good run last year, the Dax group has big plans for 2023. Utility stocks, such as those of RWE with a plus of 0.2 percent and Eon with a stable course, were considered “safe havens” on this dull trading day.
After a downgrade by Morgan Stanley, Kion’s shares in the MDax came under pressure and fell by 4.8 percent. In the SDax, the shares of the financial service provider Hypoport and those of the diagnostics specialist Stratec brought up the rear, each with a price minus of almost 10 percent. (dpa)