FRANKFURT (Dow Jones)–The European stock markets presented themselves with only small movements on Maundy Thursday. The DAX is little changed at midday at 18,484 points and is therefore within reach of the most recent, almost daily, all-time high of 18,511. The Euro-Stoxx-50 rose by 0.1 percent to 5,089 points. In trading, the stock exchanges are seen to be supported by the end of the quarter, and after the strong first quarter, the funds are interested in reporting the highest possible equity quotas. “This is likely to offset the profit-taking expected from short-term traders before the long weekend,” says one market participant.
Hawkish tones from Fed Governor Christopher Weller hardly play a role. Waller is in no hurry to cut interest rates. The latest economic data “tells me that it is prudent to keep the key interest rate at its current restrictive level, perhaps for longer than previously thought, in order to keep inflation on a sustainable path towards 2 percent,” he said the evening before. The dollar then rose slightly on the foreign exchange market and the euro fell just below $1.08. Yields on the bond market are rising slightly.
Weak German retail sales are also not depressing sentiment. In the afternoon, the weekly data on the US labor market and new data on the mood among purchasing managers in Chicago could provide impetus. However, the actors are particularly keeping an eye on the PCE deflator for US consumer spending. However, it is only reported on Good Friday, when there is no trading on the stock exchanges, as well as on Easter Monday. The PCE price measure is considered one of the most important for the US Federal Reserve to shape interest rate policy.
Business on the stock exchanges in Copenhagen and Oslo is already at a standstill on Thursday, while trading in Stockholm is only taking place for a short time. Work on the US bond market ends early at 8:00 p.m. CET.
Lufthansa sought agreement with ground staff
Lufthansa is 1.3 percent more firmly in the market. The agreement in the collective bargaining dispute with the ground staff has a supportive effect. Deutsche Post fell by 1.4 percent. Deutsche Bank downgraded the shares to “Hold”. Armor values are still on the winning side. Rheinmetall is up 1.6 percent, Renk is up another 7 percent and Hensoldt is holding up well.
There are also a few latecomers to the reporting season. The strong incoming orders are well received at Jungheinrich (+1.3%). With a weak outlook, Energiekontor falls by 9.7 percent and Basler by 9.5 percent. Cancom, on the other hand, is optimistic about the future, with the share price rising by 1.5 percent.
According to figures and outlook, Stratec are under great pressure and are falling by 10.6 percent. “This is a normalization after the Covid boom,” says a trader with a view to business development and the outlook.
JD Sports (+10%) are very firmly in the market after unusual business figures. In the wake of this, industry stocks such as Adidas and Puma rose by 0.9 and 0.7 percent respectively.
Stock index last +/-% absolute +/-% YTD
Euro-Stoxx-50 5.088,53 +0,1% 6,79 +12,5%
Stoxx-50 4,427.09 +0.3% 11.65 +8.2%
DAX 18.483,99 +0,0% 6,90 +10,3%
MDAX 27,039.43 -0.2% -52.52 -0.4%
TecDAX 3.454,67 -0,1% -2,69 +3,5%
SDAX 14,300.20 -0.8% -109.93 +2.4%
FTSE 7.952,37 +0,3% 20,39 +2,6%
CAC 8.219,67 +0,2% 14,86 +9,0%
Bond market last absolute +/- YTD
German ten-year return 2.32 +0.03 -0.25
US ten-year yield 4.22 +0.03 +0.34
FOREX last +/- % Thu, 8:04 Wed, 5:34 PM % YTD
EUR/USD 1,0789 -0,2% 1,0817 1,0822 -2,3%
EUR/JPY 163.32 -0.2% 163.71 163.81 +5.0%
EUR/CHF 0.9771 -0.2% 0.9798 0.9796 +5.3%
EUR/GBP 0,8550 -0,2% 0,8568 0,8571 -1,4%
USD/JPY 151,39 +0,0% 151,36 151,36 +7,5%
GBP/USD 1,2619 +0,0% 1,2624 1,2627 -0,8%
USD/CNH (Offshore) 7,2659 +0,1% 7,2539 7,2546 +2,0%
Bitcoin
BTC/USD 70.647,86 +1,8% 70.291,50 69.076,48 +62,2%
METALS last day previous +/- % +/- USD % YTD
Gold (Spot) 2.209,77 2.191,83 +0,8% +17,94 +7,2%
Silver (spot) 24.56 24.58 -0.1% -0.02 +3.3%
Platinum (Spot) 900.75 897.82 +0.3% +2.93 -9.2%
Kupfer-Future 4,00 4,00 -0,1% -0,00 +2,3%
YTD based on the previous day’s closing level
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(END) Dow Jones Newswires
March 28, 2024 08:06 ET (12:06 GMT)