Die lang ersehnte Zinswende in den USA hat dem Dax am Donnerstag Rückenwind verliehen. Der deutsche Leitindex kletterte in der Spitze um 1,6 Prozent und erreichte am Mittag erstmals 19.000 Punkte. Der Euro Stoxx 50 legte 1,8 Prozent zu. Jürgen Molnar von RoboMarkets kommentierte: “Technisch wäre theoretisch der Weg noch in diesem Jahr frei bis zur Krönung bei 20.000 Punkten frei.”
Die US-Währungshüter senkten am Mittwoch erstmals seit März 2020 den Schlüsselsatz – und dies sogleich um einen halben Prozentpunkt. Er liegt nun in der Spanne von 4,75 bis 5,00 Prozent. Manche Händler hatten auf einen solchen XL-Schritt spekuliert. US-Notenbankchef Jerome Powell machte jedoch klar, dass dies nicht “das neue Tempo” auf dem Zinspfad nach unten sei. Damit sei es unwahrscheinlich, dass die nächsten Zinsschritte in einer ähnlichen Größenordnung wie am Mittwoch erfolgen, meint Alexander Zumpfe, Edelmetallhändler bei Heraeus. An den Terminmärkten wird im November mit einer Senkung der Zinsen um einen Viertel-Prozentpunkt gerechnet.
The uncertainty regarding the future path of US interest rates sent the dollar in particular on a rollercoaster ride. The dollar index lost its initial gains of up to 0.9 percent and was trading just below the red at midday. The euro, on the other hand, rose, gaining 0.5 percent to 1.1171 dollars.
Hope for economic recovery supports raw materials
Commodity prices have also risen across the board. Investors are betting that the interest rate turnaround in the USA will stimulate the economy and that demand for oil and copper will increase. With this major interest rate hike, the Fed wants to prevent a weakening US labor market from dragging the economy into recession, says Donald Ellenberger of Federated Hermes. The industrial metal copper rose in price by two percent to a two-month high of $9,586 per tonne. The prices for North Sea Brent oil and US WTI oil rose at times by around 1.5 percent each to $74.75 and $71.96 per barrel respectively. Gold also came into focus again: the precious metal crept up to within a few points of its record high of $2,599.92 per troy ounce reached on Wednesday. Lower interest rates and a weaker dollar are supporting investor interest, says Zumpfe of Heraeus.
Among the individual stocks in the DAX, many stocks were able to record significant gains due to the upward movement in the overall market. Among the strongest stocks at midday were Beiersdorf and BMW, which each gained 3.8 percent. On the losing side, Deutsche Telekom shares attracted attention with a discount of 2.2 percent. The mobile phone subsidiary T-Mobile US announced billions in dividends to shareholders at an investor day on Wednesday. The company plans to provide up to 50 billion dollars for dividends and share buybacks by 2027. However, this is less than investors had expected, according to a commentary by JP Morgan. The stock lost three percent on Wall Street. According to a trader, analysts fear that Telekom could now also make lower dividends than expected.
Fireworks for Deutsche Wohnen
In the S-Dax, the planned complete takeover of Deutsche Wohnen by Vonovia caused a price explosion. Deutsche Wohnen shares climbed by almost 25 percent to 28.20 euros, which was the highest level in more than two years. Majority shareholder Vonovia had announced that it wanted to tie Deutsche Wohnen more closely to itself and acquire more shares. To this end, the Bochum-based company is also planning a capital increase. The shares were one percent weaker in the DAX.
On the London Stock Exchange, shares of British fashion retailer Next shot to their highest level in 27 years after another increase in profit forecast. The company expects pre-tax profits of £995 million for the 2024/25 financial year, thanks in particular to a booming online business abroad. This represents an increase of 8.4 percent over the previous year.
#Dax #rises #points #time #Fed #interest #rate #decision