AStock price gains from the United States and Asia provided the template for the Dax and drove it higher on Tuesday after the long Easter weekend. The euro, which fell as low as $1.083 on Easter Monday, recovered to around $1.09. Bitcoin has cost more than $30,000 for the first time since June 2022.
In the USA, where stock trading had already resumed on Easter Monday, the stock exchanges reacted to the labor market report published on Good Friday with slight price gains. Most of Asia’s equity markets followed on Tuesday morning. And in Frankfurt, the Dax jumped to 15,720 points during trading, before slipping back below 15,700 points. In the week before Easter, the Dax had reached 15,737 points, its highest level since January 2022.
The unemployment rate in the United States continues to decline slightly from already very low levels, while wage growth accelerates somewhat, Friday’s US jobs report showed. This Friday, the banks JP Morgan and Citigroup will be the first US companies to start reporting on their business in the first quarter of 2023. After the collapse of the regional banks Silicon Valley Bank and Slgnature Bank in March, the financial sector is under increased scrutiny.
It is unclear whether the US Federal Reserve will continue to raise its key interest rate in May despite the robust inflationary pressure emanating from the labor market, because it also has to keep an eye on the dangers to financial stability following the fastest interest rate turnaround since the 1980s. “The latest US jobs data shows that the situation is still tense, which is why bond yields are rising. We believe that inflation is not going away for the time being, making rate cuts by the Fed unlikely this year,” Blackrock, the world’s largest wealth manager, said on Tuesday. For the analysts at Commerzbank, recession concerns have eased with the US job market report. Also, savings at small US regional banks would have stabilized in the week ended March 29 thanks to a small increase.
On the Tuesday after Easter, there was primarily movement in the prices of individual shares on the Frankfurt stock market. Henkel shares in the Dax hardly reacted to a recommendation from the British bank Barclays, whose analysts increased the medium-term price target for the consumer value from 65 to 70 euros.
The price of the food supplier Hellofresh, on the other hand, jumped 5 percent in the M-Dax after the US bank JPMorgan raised the Hellofresh share by two notches from “underweight” to “overweight”. On the other hand, the US telecom equipment supplier Adtran, the parent company of Adva Optical, which can also be found in the M-Dax, was disappointing with its first quarter. According to preliminary figures, both the company’s own targets and the expectations of the analysts, both in terms of sales and profits, were clearly missed. Adtran’s price dropped 10 percent.
Thyssenkrupp’s shares in the M-Dax rose by almost 4 percent. They benefited from renewed speculation about the marine division of the industrial group. A dealer suspected that the bidding process for the division could possibly begin as early as this week.
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