Dax is heading towards 11,000 points

Dusseldorf The leading German index is currently unstoppable. In the first hour of trading the Dax 1.3 percent increase and is traded at 10,703 points.

The German leading index has risen by more than 2,500 points since mid-March. You can marvel at this rally and believe in a renewed sell-off wave. But the fact is also: According to chart technology, the situation has eased significantly.

According to many technical analysts, the significant price gains in the past are more than just a bear market rally, an intermediate recovery in the intact downward trend, but a sustained upward trend.

“As a result, the DAX should continue to rise, with the area around 11,025 / 11,032 points representing massive resistance,” say the technical analysts at Düsseldorfer Bank HSBC in her morning comment today.

Investor sentiment remains with a critical assessment of the situation. Investors should continue to sell positions that they would not keep in a new sell-off wave, advises Stephan Heibel after evaluating the current Handelsblatt survey Dax-Sentiment. “I wouldn’t run after the courses because the courses now reflect a lot of hope,” he says. Reality should be gradually presented in the coming weeks through company figures.

Positive trading data from China spur the market on Tuesday. Exports shrank in March, but not nearly as much as feared. The People’s Republic had recently relaxed the massive restrictions on public life.

Should China now come with a comparatively small economic loss from the pandemic, that would be positive for the global economy, said Thomas Altmann, portfolio manager at QC Partners.

Hopes of the peak of the coronavirus epidemic hitting Asian equity markets skyrocketed on Tuesday. The Nikkei even rose 2.8 percent.
But the crucial data for future stock market developments come from the United States.

At midday in Central Europe, the US banks JP Morgan and Well Fargo as well as the pharmaceutical and consumer goods manufacturers Johnson & Johnson new business figures. The banks’ prospects in particular are likely to influence the Dax curve.

Because not only the disastrous economic development in the US, but also the key rate cut by the US Federal Reserve is a burden for US banks.

The US standard values ​​started yesterday’s Easter Monday with losses in the new week. But the US futures contracts signal a trade opening at 3:30 p.m. Central European 1.7 percent higher.

Above all, the bank stocks there are benefiting from the economic easing in neighboring Austria. The Bawag– and the Raiffeisen papers increase by more than six percent at the opening of the trade, leading the European banking index. Erste Group’s stocks rose by more than three percent, as did the Austrian selection index ATX.

Look at other asset classes

The euro is rising. In the morning, the common currency was trading at $ 1.0944 after just a little above $ 1.09 last night.
This rise has more to do with the friendly mood on the stock markets than with the Eurogroup’s agreement last Thursday on the corona crisis.

It was a compromise that didn’t make either side happy. The supporters of corona bonds did not because they were not decided. And not the opponents, because they were not excluded in bulk.

“This is how Europe squandered every chance to establish the euro as a” safe haven currency “”, the currency analysts of the Commerzbank.

Oil prices hardly react the decision to cut oil production in the 20 largest industrialized countries.

A barrel (159 liters) of the North Sea type Brent costs $ 32.20, up 1.4 percent. The price of a barrel of American WTI for May rose 0.8 percent to $ 22.60.

Because the weak demand continues. Accordingly, market observers do not expect a sustained recovery in oil prices. According to estimates, the slump in demand as a result of corona virus containment restrictions could reach up to 35 million barrels a day.

Look at the individual values

Eon: The share is one of the few losers in the Dax with a minus of almost two percent. According to traders, they were created by the experts at the US investment bank Goldman Sachs downgraded to “Sell” from “Neutral”.

Wirecard: The paper from the online payment service provider tops the Dax list of winners with a plus of four percent. The share certificate has come comparatively well through the stock market crash. The price has risen by around 25 percent in the past four weeks, since the beginning of the year the minus has been only 0.65 percent.

“When planning wealth, the rule is: never get out completely!”

Here is the page with the DAX course, here is the current tops & flops in the Dax. Current Short sales of investors can be found in our Short sales database.

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Fed corona aids support the Dax

Dax curve

View of the Dax curve in the Frankfurt trading hall.


(Photo: dpa)

Dusseldorf The upward trend on the German stock market continues – supported by impulses from the USA. Before the Easter holidays the Dax with a plus of just over 2.2 percent for 10,565 meters from the trade. The stock market barometer had initially given up the profits of the morning.

In the afternoon things went up after the US Federal Reserve announced new measures. The Fed plans to provide additional $ 2.3 trillion in emergency aid to support the hard-hit US economy.

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Current Dax course: Dax takes a breather

Dusseldorf The German stock market takes a breather on Wednesday. Listed in the midday trade the Dax 1.1 percent in minus at 10,246 points.

Although the Dax could Key technical chart zone in the range of 10,391 counters rise, but he could not overcome them sustainably. Sustainable means: The Dax should at least be above this mark at the close, better three trading days in a row.

In simple terms, technical chart analysts try to predict the further development of stock prices and stock indices by comparing recurring price patterns from the past with current chart graphics.

The analysts of Landesbank Helaba have past bear market rallies until 1929: Again and again there were counter movements with price increases of 30 percent after crashes on the stock markets. “In seven cases, the prices then fell so significantly that new lows followed,” the experts calculated.

The Dax is currently in a similar situation: Starting from the previous correction low of 8255 points to yesterday’s daily high of 10,590 points, the increase in the German leading index is slightly more than 28 percent.

“Not least because of this, the coming days and weeks promise to be very exciting from a technical point of view,” said the analysts at Landesbank Helaba.

Not unusual, but noteworthy: The price increases of the past two days have been accompanied by conflicting signals. Firstly, the trading volume has been average to below average.

And secondly, the VDax, the nerve barometer of the stock exchange, gone up. This means that professional investors expect significantly higher price fluctuations in the coming weeks. It is not typical. The fear barometer usually falls with rising prices and vice versa. The VDax is currently trading at 46.89 points. A few weeks ago, this value was still at the historical value of 93.30 points. The VDax only signals relaxation when the values ​​are below 20.

The US stock exchanges also gave no support on yesterday’s trading day. The Dow Jones index initially trended more than four percent stronger during the day, but then lost all gains by the end of trading and closed slightly in the red. Investors experienced the sharpest change in trend since October 14, 2008, when the Dow revealed gains of five percent within an exchange session. The Asian stock exchanges tended to be mixed.

Look at the individual values

Shop pharmacy: The online drug dealer has completed a capital increase of 65 million euros. Around 1.12 million new shares were placed at an issue price of EUR 58. The stock rose 3.2 percent after losing nearly seven percent yesterday Tuesday. Nevertheless, the paper is a winner of the corona crisis: since the beginning of the year, the paper has increased by more than 45 percent.

Vonovia: Despite the corona crisis, the housing group is sticking to its profit targets. Fortunately give Vonovia his annual goals always with a certain corridor, said CEO Rolf Buch of the “Süddeutsche Zeitung”. The share tops the Dax list of winners with an increase of 2.2 percent.

Tui: The tourism group has brought its government loan, which was applied for because of the corona crisis, under one roof. Tui has signed the contract with the development bank KfW for the bridging loan of 1.8 billion euros. Like other companies, Tui had to temporarily suspend the organizer, flight, hotel and cruise program. The stock, which was badly hit by the crisis and has lost more than 63 percent since the beginning of the year, initially rose by around ten percent after this announcement. Meanwhile, the increase in value is only 3.6 percent.

Look at other asset classes

The EU finance ministers postponed talks over a 500 billion aid package in the corona crisis after a video conference lasting several nights. Calls from Paris and Rome for joint euro bonds to build up after the crisis continue to cause considerable differences of opinion.

Because of that Italian government bond yields rise by almost six percent to a return of 1.695 percent with a term of ten years. On yesterday’s trading day, this value was now at 1.50 percent. By contrast, the yield on German government bonds fell to minus 0.335 percent after minus 0.318 on the previous day.

This postponement also has negative consequences for the euro. The European common currency falls 0.4 percent to $ 1.0844.

The weaker euro and the stronger dollar after the euro finance ministers’ disagreement initially caused the gold price to weaken. In the meantime, the troy ounce again costs $ 1,653, up 0.2 percent. According to Commerzbank’s foreign exchange analysts, the disagreement among political decision-makers in Europe speaks for gold. This would make the ECB step in as a cleaner and buy more bonds. Gold in euros should therefore soon make a new attempt at the all-time high experts say.

Before the meeting of the major oil producing countries There is hope for a reduction in production volumes on the raw material markets. Oil prices rose Wednesday after falling two days in a row. A barrel (159 liters) of the North Sea Brent increased in price by up to 3.4 percent to $ 32.96. US light oil WTI cost up to seven percent more at $ 25.29.

“It is now important that the oil price is stabilized in order to avoid unnecessary credit risks amid the already unpredictable negative economic effects of the corona shutdown,” said Jochen Stanzl, chief market analyst at the CMC Markets trading house Give sale on the oil market.

What the chart technique says

The struggle for the important mark of 10,391 points remains because the leading German index failed to overcome it at the closing price.
On the bottom there are a number of upward price gaps that show how difficult it is for investors to value the market.

Such price gaps arise when the highest price of a day remains below that of the following day. Yesterday Tuesday the lowest price was 10,225 points, the highest price on Monday was 10,097 points. Such upward gaps are important resistance according to chart technology.

“From a risk point of view, this upward price gap is predestined as a hedge,” say the technical analysts at Düsseldorf Bank HSBC. If the leading German index falls below the 10,097 point mark, this increases the risk that the index will continue to slide.

“When planning wealth, the rule is: never get out completely!”

Here is the page with the DAX course, here is the current tops & flops in the Dax. Current Short sales of investors can be found in our Short sales database.

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Dax closes slightly in the minus

Dusseldorf The German stock market took a breather on Wednesday. Of the Dax closed slightly at 10,333 points, ending the trading day above the daily low of 10,198 points.

Although the Dax could Key technical chart zone in the range of 10,391 counters rise, but he could not overcome them sustainably. Sustainable means: The Dax should at least be above this mark at the close, better three trading days in a row.

In simple terms, technical chart analysts try to predict the further development of stock prices and stock indices by comparing recurring price patterns from the past with current chart graphics.

The analysts of Landesbank Helaba have past bear market rallies until 1929: Again and again there were counter movements with price increases of 30 percent after crashes on the stock markets. “In seven cases, the prices then fell so significantly that new lows followed,” the experts calculated.

The Dax is currently in a similar situation: Starting from the previous correction low of 8255 points to yesterday’s daily high of 10,590 points, the increase in the German leading index is slightly more than 28 percent.

“Not least because of this, the coming days and weeks promise to be very exciting from a technical point of view,” said the analysts at Landesbank Helaba.

Not unusual, but noteworthy: The price increases of the past two days have been accompanied by conflicting signals. Firstly, the trading volume has been average to below average.

And secondly, the VDax, the nerve barometer of the stock exchange, gone up. This means that professional investors expect significantly higher price fluctuations in the coming weeks. It is not typical. The fear barometer usually falls with rising prices and vice versa.

The VDax was last listed at 46.71 points. A few weeks ago, this value was still at the historical value of 93.30 points. The VDax only signals relaxation when the values ​​are below 20.

Today, Wednesday, Wall Street opened for the third day in a row. The US leading index Dow Jones rose by around one percent to 22,893 points, the broader S&P 500 and the technology-heavy Nasdaq Composite also rose by around one percent, reaching 2685 and 7976 points.

As of yesterday, the US stock exchanges offered no support. The Dow Jones index initially trended more than four percent stronger during the day, but then lost all gains by the end of trading and closed slightly in the red. Investors experienced the sharpest change in trend since October 14, 2008, when the Dow revealed gains of five percent within an exchange session. The Asian stock exchanges tended to be mixed.

Look at the individual values

Shop pharmacy: The online drug dealer has completed a capital increase of 65 million euros. Around 1.12 million new shares were placed at an issue price of EUR 58. The investors’ euphoria only lasted briefly. After the share initially rose over three percent, it closed the trading day with a minus of 3.3 percent. By Tuesday, she had already lost almost seven percent. Nevertheless, the paper is a winner of the corona crisis: it has increased by more than 45 percent since the beginning of the year.

And the course of the share price should remain volatile in the coming weeks. Because hedge funds have increased their speculation on falling prices at the online retailer. In total, four funds have “short-sold” 9.2 percent of all freely tradable shares, as they say in technical terms, and rely on this share for weaker prices.

Vonovia: Despite the corona crisis, the housing group is sticking to its profit targets. Fortunately give Vonovia his annual goals always with a certain corridor, said CEO Rolf Buch of the “Süddeutsche Zeitung”. The stock led the Dax list of winners in the meantime, but was in the middle of the range with a gain of around one percent when the market closed.

Tui: The tourism group has brought its government loan, which was applied for because of the corona crisis, under one roof. Tui has signed the contract with the development bank KfW for the bridging loan of 1.8 billion euros. Like other companies, Tui had to temporarily suspend the organizer, flight, hotel and cruise program. The stock heavily hit by the crisis, which has lost more than 63 percent since the beginning of the year, initially rose by around 10 percent after this report and ended trading with a plus of 6.7 percent.

Tesco: The British supermarket chain does not dare to look ahead to the current fiscal year 2020/21 due to the coronavirus pandemic. It is impossible to predict the impact, the company said. There are high additional costs – especially for the workforce. The share price fell 1.3 percent.

German postal service: The corona crisis is also shaking the logistics company and its global delivery network. The Bonn-based company is therefore canceling its profit forecast for 2020, which it had already marked with a big question mark in February. This burdened the share with losses of 2.1 percent. The Post is already seeing signs of recovery in China. CEO Frank Appel also does not want to respond to the corona crisis by cutting staff.

Look at other asset classes

The EU finance ministers postponed talks over a 500 billion aid package in the corona crisis after a video conference lasting several nights. Calls from Paris and Rome for joint euro bonds to build up after the crisis continue to cause considerable differences of opinion.

That’s why the yields of Italian government bonds with a term of ten years meanwhile increased to 1.808 percent. At the close of trading on Deutsche Börse, they fell again slightly to 1.622 percent. On yesterday’s trading day, this value was now at 1.50 percent. The return on German sovereign wealth funds, on the other hand, fell to minus 0.305 percent after minus 0.318 the previous day.

This postponement also has negative consequences for the euro. The European common currency fell 0.2 percent to $ 1.0865.

The weaker euro and the stronger dollar after the euro finance ministers’ disagreement initially caused the gold price to weaken. Later he was able to recover a little.

No stabilization of the US stock exchanges: “Down risks greater than up opportunities”

According to the foreign exchange analysts, the disagreement among political decision makers in Europe speaks Commerzbank for gold. This would make the ECB step in as a cleaner and buy more bonds. Gold in euros should therefore soon make a new attempt at the all-time high experts say.

Before the meeting of the major oil producing countries There is hope for a reduction in production volumes on the raw material markets. Oil prices rose Wednesday afternoon after falling two days in a row. A barrel (159 liters) of the North Sea type Brent was recently one percent up at $ 32.19. The US light oil WTI cost $ 24.53, a 3.8 percent profit.

“It is now important that the oil price is stabilized in order to avoid unnecessary credit risks amid the already unpredictable negative economic effects of the corona lockdown,” said Jochen Stanzl, chief market analyst at the CMC Markets trading company. Without an agreement, there could be another sell-out on the oil market.

What the chart technique says

The struggle for the important mark of 10,391 points remains because the leading German index failed to overcome it at the closing price. On the bottom there is a multitude of upward price gaps that show how difficult it is for investors to value the market.

Such price gaps arise when the highest price of a day remains below that of the following day. Yesterday Tuesday the lowest price was 10,225 points, the highest price on Monday was 10,097 points. Such upward gaps are important resistance according to chart technology.

“From a risk point of view, this upward price gap is predestined as a hedge,” say the technical analysts at Düsseldorf Bank HSBC. Because if the leading German index falls below the 10,097 point mark, this increases the risk that the index will continue to slide.

Here is the page with the DAX course, here is the current tops & flops in the Dax. Current Short sales of investors can be found in our Short sales database.

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Dax is again targeting 10,000 points

Dusseldorf The leading German index starts with significant price gains into the new trading week and can briefly overcome the 10,000 meter mark. Listed in the afternoon trade the Dax 4.8 percent increase at 9980 points. The daily high is exactly 10,000 points, more than 450 points higher than on Friday.

The winners list is led by industrial stocks: The MTU-Shares rise after an interim plus of more than twelve Percent still seven percent, VW– Papers gain almost 9.5 percent, Daimler gain more than eight percent.

All 30 Dax values ​​are in the plus. Bank stocks are also among the winners. The European banking index rose 6.4 percent, led by the last shaken Natixis-Share from France with an increase in value of 14 percent.

Last Friday, the leading German index closed 0.5 percent lower at 9526 points. However, there were signs of easing after the index failed to respond to the miserable US job market data.

The stock exchanges in Asia closed clearly in positive territory, but is not traded in China due to public holidays. After the losses last Friday, the futures contracts for the New York stock exchanges showed strong gains: According to this, the stock market index should S&P 500 3.6 percent higher on Monday open.

The reason for the significant increase in the German stock market: Falling numbers in some European countries give rise to hope that the worst in the corona crisis could be over. They are in Germany alone New infections for the fourth day in a row declining. The Robert Koch Institute (RKI) reported another 3677 confirmed cases this Monday. The number rose to a total of 95,391. The increase was less than the 5936 new infections announced on Sunday.

But such numbers are already a thing Exit scenario in terms of quarantine measures conceivable? Chancellor Angela Merkel named the only benchmark for answering this question. In her video message from the previous weekend, she indicated that with a growth rate of seven percent per day (“doubling within ten days”) the restrictions could be relaxed.

“We should already be there,” says CommerzbankForeign exchange analyst Ulrich Leuchtmann. In his view, there is growing concern that there is no end in sight in this country. His calculation: With 6,000 new infections per day, it would take between 18 and 24 years in Germany until sufficient herd immunization was achieved. “Hopefully you made yourself comfortable in your home office,” is his humorous comment.

The upward movement on the Frankfurt Stock Exchange should therefore only be a relief rally for the time being be within the medium term downtrend. In order to achieve a real turnaround, a Covid-19 drug would probably have to be brought onto the market or at least an approximate end to the economic restrictions can be foreseen. Before that, the equity markets are unlikely to rise sustainably.

This view also confirms investor sentiment. After evaluating the current Handelsblatt survey Dax-Sentiment, Stephan Heibel advises: “If you have positions in your portfolio with which you would probably not get through another sell-off wave nervously, then you should part with it today.”

German industry is doing better than expected, even though new business declined before the corona crisis began. The companies collected 1.4 percent fewer orders in February than in the previous month, but economists had expected a decrease of 2.4 percent, after a strong order increase of 4.8 percent in January.

Given the global economic shock from the corona pandemic, however, is one Incoming orders slump in March and April as well as overall strong production losses in the first and second quarters.

Look at individual values

Commerzbank: The corona crisis gives the bank one large influx of private customers. The bank and her daughter have had since the beginning of the year Comdirect 130,000 new private customers won, mainly online, said private customer board member Michael Mandel. In the last week of March alone, 10,000 customers were added. “Obviously, a lot of people currently have time to deal with their banking business.” The share price rises by 7.1 percent.

Evotec: The biotech company is building a new mainstay in promising gene therapy business on. In the Austrian town of Orth an der Donau, a team of more than 20 scientists is to advance the research and development of gene therapy-based projects. It has already secured a first order: The Japanese pharmaceutical company Takeda has entered into a long-term research alliance Evotec a. The share rises by around three percent.

The stock is interesting because several hedge funds have bet on falling Evotec prices. As of last Friday, this so-called short sale rate was 7.3 percent, an unusually high figure.

Thyssen-Krupp: With a plus of more than twelve percent, the shares of the former industrial icon were among the big winners in the MDax small cap index. On the one hand, industrial papers were in demand as losers in the crash phase on Monday. The automotive supplier Hella and aircraft manufacturer Airbus also benefit from this. But at Thyssen-Krupp, too, hedge funds play a crucial role in their betting on falling prices to ensure that trading is volatile.

Betting on falling prices, known in the technical sense as short sales, works according to the following principle: Investors borrow shares from companies where they expect price losses. They sell these papers afterwards and hope that the prices will drop. Then you can buy the shares back later and give them back to the lender. The difference between the short sale and the subsequent buyback is then the profit.

Already at the end of March, Thyssen-Krupp papers peaked by almost 50 percent on two days with a high trading volume. As at the end of March, shares are likely to have bought back on Monday. The result will be available on Wednesday at the latest when the funds have to publish their short selling rates.

Rolls-Royce / PSA: Securing new credit lines with the British engine manufacturer ensured the individual values Rolls-Royce as well as the French car company PSA for buoyancy. Rolls-Royce stocks shot up up to 21.2 percent after the supplier left airbus and Boeing secured another £ 1.5 billion line of credit. However, the long-established company has lost more than half of its market value this year and is cutting its dividend for the first time in over 30 years.

Peugeot parent PSA also secured another three billion euros in loans to better position itself against the financial impact of the corona crisis. PSA shares rose as a result up to 12.4 percent.

Look at other asset classes

The gold price is rising again. A troy ounce now costs $ 1,630, an increase of 0.7 percent. At the beginning of March, the price was just under $ 1,500 because investors needed cash after the price slump in the stock markets.

The gold ETFs (exchange-traded index funds) recorded by the economic service Bloomberg recorded inflows of twelve tons on Friday. It was 47 tons in the entire week. The speculators, however, remain cautious.

Oil prices are falling again. A meeting scheduled for Monday of oil-producing countries that have merged into the so-called Opec plus has been postponed to Thursday.
In early Monday trading, a barrel (159 liters) of North Sea Brent cost $ 32.90 to ship in June, down 3.5 percent. The price of a barrel of American WTI with delivery in May dropped 2.7 percent to $ 27.50.

US President Donald Trump threatened tariffs on crude oil imports. “I’ll do whatever it takes,” Trump said at the White House on Saturday night. The background is the drastic drop in prices on the crude oil market. It goes back to a double crisis, consisting of a massive drop in demand due to the corona pandemic and the price war on the oil market. The US fracking industry in particular is suffering from the low prices.

Given the increasing optimism in the fight against the coronavirus pandemic, investors are withdrawing from government bonds that are considered a “safe haven”. In return, most yields on bonds in top-rated eurozone countries rose two to three basis points. Ten-year German government bonds yielded minus 0.4 percent three basis points firmer and thus significantly higher than the record low of minus 0.91 percent reached a month ago.

What the chart technique says

With the plus of the opening of trading on Monday, the downside risk for the leading German index will decrease. “Even if the picture brightens at short notice, it should be noted that all Dax values ​​are still below both the 200 and the 50-day average”, say Helaba’s technical analysts. With 23 titles, the 50 line also runs below the 200 day line. “In the past, such pronounced constellations only allowed limited scope on the top,” is their assessment.

According to the chart technique, the range from 10,138 up to and including 10,391 points is decisive. Among other things, there is the low of December 2018 with 10,279 points, the starting signal for the rally until mid-February 2020 with the previous record high. “This is the decisive hurdle in chart technology, the skipping of which would put the German standard values ​​on a quick recovery path,” say the technical analysts at Düsseldorfer Bank HSBC.

The small downward price gap from last Tuesday was closed, also a positive sign. Such downward price gaps arise when the daily low of the previous day is above the daily high of the subsequent trading day. The daily low on Tuesday was 9703 points, the following high of Wednesday was reached at 9686 points.

“When planning wealth, the rule is: never get out completely!”

Here is the page with the DAX course, here is the current tops & flops in the Dax. Current Short sales of investors can be found in our Short sales database.

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Dax closes slightly in the red – US labor market data show hardly any effects

Dax curve

View of the Dax curve in the Frankfurt trading hall.


(Photo: dpa)

Dusseldorf The Dax reacted relatively calmly to the job cuts in the USA on Friday. After an initially unsteady ups and downs, the leading German index fell only slightly after the US labor market data was published and closed 0.5 percent lower at 9526 points. in the Course of the week is that Minus at more than one percent.

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Dax at the previous day’s level – US labor market data show no effects

Dusseldorf Weak US labor market data hardly affected the Dax at noon. In the morning, investors had already reacted calmly to the weaker than expected economic data, the Dax was only slightly in the red. Shortly before the release of the US labor market data, the index had even worked up to the previous day’s level. It currently stands at 9574 points – three points up.

On Friday, investors primarily looked at the new US job market data released at 2:30 p.m. Central European Time. Last month, 701,000 non-agricultural jobs were cut in the United Statesthe government announced on Friday. Economists surveyed by Reuters had only expected 100,000 in March, after 273,000 jobs were created last month.

In the past two weeks alone, a total of around ten million Americans have already applied for unemployment benefits, a historic figure. And the impact of these initial applications can hardly be seen in the figures now published. Therefore, these are not very meaningful CommerzbankEconomist Bernd Weidensteiner warned before the publication: “The cut-off date for the so-called ‘payrolls’ was before the initial applications exploded. These figures will only be fully reflected in the next month. “

For the Commerzbank analyst Antje Praefcke, the unemployment rate in the USA could easily rise into the double-digit range in April and thus outshine everything that the Post-war history has to offer at highs. The previous high was 10.2 percent in 1982.

How much the corona crisis is affecting the global economy can be explained by a number: According to Handelsblatt calculations, the 50,805 companies listed worldwide lost 19.4 trillion euros in just six weeks. So far, this decay has been unique in such a short time. With this sum, all of Europe’s public debt could be repaid, and there would still be five trillion euros left.

New economic data from China can not inspire the markets, but signal relaxation. The service sector there recovered only slowly in March from the countless shop closures in the midst of the coronavirus outbreak. The Caixin / Markit Purchasing Managers’ Index (PMI) for the service sector, released on Friday, rose from its record low of 26.5 in February to 43 in March. Nevertheless, it was the second weakest value since the start of the survey at the end of 2005. Values ​​below 50 points mean that activities have shrunk.

Over the course of the day, purchasing managers’ indices in Europe also became published on the service sector. These showed that the corona crisis hits service providers in Germany and in the euro zone with even greater force than previously assumed. The purchasing manager index for the German service sector fell to 31.7 points in March from 52.5 points in February. This is the most significant slump since the company survey began in 1997 and at the same time a record low. An initial estimate had only dropped to 34.5 points. The barometer, which has received a lot of attention on the financial markets, only signals growth from 50 points.

The service sector is particularly hard hit by the corona crisis, since the travel and tourism industry, the hospitality industry and the leisure industry suffer massively from the restrictions imposed. “The impact of the pandemic and the resulting efforts to curb it are all too clear given the unprecedented slump in the German services sector in March,” said Markit economist Phil Smith.

The barometer for service providers in the euro zone was also worse than expected. It dropped to 26.4 from 52.6 points in the previous month – also a negative record. Here the preliminary result was 28.4. “Our data indicate a slump in the euro economic output of almost ten percent,” said Markit chief economist Chris Williamson. “Worse seems inevitable in the near future.”

No country was able to escape the downward trend. “But the particularly drastic drop in the Italian service index to 17.4 points gives a foretaste of what the other countries are facing due to increasing closings, curfews and tighter controls,” said Williamson. Employment is currently not falling as rapidly as during the financial crisis. However, unemployment is likely to skyrocket in the coming months.

Look at other asset classes

On Friday, oil prices initially fell significantly from the interim high on the previous day. In early trading, the price of a barrel (159 liters) of the North Sea Brent and US WTI fell by around five percent to $ 28.40 and $ 24, respectively. But within an hour the picture turned again and prices returned to Thursday’s profits: Meanwhile, the Brent price is up about eleven percent at $ 33.34, WTI is up almost seven percent and costs $ 27.09.

On Thursday, US President Donald Trump indicated cuts in funding and thus an agreement in the price war between Saudi Arabia and Russia. After a denial by the Russian government and a lack of confirmation from Riyadh, prices quickly dropped again.

“Trump has to stabilize the oil price, otherwise a wave of bankruptcies awaits us in the oil sector”

What has apparently changed the oil market again: According to insiders, the major crude oil producing countries (Opec plus) are rethinking a drastic reduction in production to stabilize prices after. Talking about throttling by ten million barrels (barrel of 159 liters) per day. If the cut were even more pronounced, states outside the alliance would also have to make their contribution.

Earlier, the Russian news agency Ria, citing the Azerbaijan Ministry of Energy, reported that Opec + would advise on its funding policy on Monday. The talks should be conducted as part of a video conference. All Opec + countries are expected to participate.

Commerzbank analysts are skeptical that the countries will agree on such large cuts. They lowered their Brent year-end forecast to $ 40 a barrel from $ 50 previously.

Look at individual values

Beiersdorf: The shares give 0.3 percent because of the manufacturer of Tesa adhesive products and Nivea-Cream has withdrawn its forecast for 2020 because of the corona crisis. So far, the stock has shown a stable stock market development compared to the other 29 DAX stocks and has only lost 15 percent or less since the stock market high on February 19 than the other stocks in the leading German index.

MTU: The shares of the engine manufacturer, on the other hand, have had the biggest loss since the record high on February 19, at minus 50 percent. And today, Friday, the decline continues with a drop of 2.7 percent.

Shop pharmacy: Online shops are among the winners of the corona crisis, including the online drug retailer Shop pharmacy. The months of January and February were already very strong, but the outbreak of the corona virus then gave a further boost in March. The number of active customers grew by 300,000 to five million in the first three months. The company now expects annual sales to be at least 20 percent above the previous year. The share continues to rise by a good six percent.

Puma: The sporting goods manufacturer is cutting the dividend for the past year because of the corona crisis. The shutdowns ordered by the authorities to contain the risk of infection in almost all parts of the world would have led to a drop in sales and a significant decrease in the operating cash flow. It is currently not foreseeable how long this situation will last. The stock loses almost four percent. The number three in the global market for sports shoes and clothing wanted to distribute 50 cents per share, a total of around 75 million euros. puma had already cut board salaries for April and registered short-time work.

What the chart technique says

The larger chart shows: From the record high of 13,795 points in mid-February, the Dax dropped to 8255 points in mid-March. The subsequent countermovement ended at 10,137 points. A normal correction of this interim increase should end at 9196 counters at the latest.

A further, rather short-term support was briefly undercut on yesterday’s trading day. With 9337 points, the Dax marked a new low of the past seven trading days. A warning shot that it could quickly go down again. According to the Düsseldorfer Bank, the Dax should definitely go back into crisis mode HSBC again at courses below 9070 points.

On the upside, the small downward price gap from last Tuesday is still slowing down. Such downward price gaps arise when the daily low of the previous day is above the daily high of the subsequent trading day. The daily low on Tuesday was 9703 points, the following high of Wednesday was reached at 9686 points.

The important brands on the top are currently a long way off. The decisive factor is the space between 10,138 and 10,391 points inclusive. Among other things, there is the low of December 2018 with 10,279 points, the starting signal for the rally until mid-February 2020 with the previous record high.

“This is the decisive hurdle in chart technology, skipping it would put the German standard values ​​on a fast recovery path,” say the technical analysts at Düsseldorf-based bank HSBC.

Here is the page with the DAX course, here is the current tops & flops in the Dax. Current Short sales of investors can be found in our Short sales database.

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The Dax is going up slightly from nervous trade – Trump is fueling oil prices

Dusseldorf The leading German index ended a volatile trading day 0.27 percent up and went out of trading at 9570 points.

After a friendly start to trading the Dax first sank at noon and was temporarily around two percent in the red. The reason for the interim low was weak US data. Because in the Coronavirus crisis rocketed jobless claims in the US to historic highs. Last week, 6.65 million Americans made an initial application, the Department of Labor said in Washington on Thursday.

These figures had an impact on the German and US stock markets. The leading Dow Jones index fell 0.1 percent at the start of trading. The US markets later recovered, however, with the Dow Jones peaking at 2.45 percent. The reason for this was the intervention of US President Donald Trump in the oil price war between Saudi Arabia and Russia.

On Thursday afternoon, the US President tweeted: “I just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke to President Putin of Russia, and I expect and hope that they will cut back about 10 million barrels.” added in a second tweet: “It could be up to 15 million barrels.”

Trump may have related the ten to 15 million barrels to the daily production of the two states. That would be five times the cut in funding that Saudi Arabia and Russia have been arguing about since the beginning of March. The oil price then jumped at the top by more than 30 percent. But later, oil prices dropped slightly again, as Kremlin spokesman Dmitri Peskow immediately contradicted Trump.

Many companies change their forecasts

Despite today’s bottom formation, the stock market remains under strain. Economic development is clouding over, and more and more companies are moving away from their previous forecasts. However, reports of short-time work continue to increase.

Since the beginning of the year, the 160 companies listed in the Dax, MDax and SDax indices have already had 59 changes in their forecasts, as the service provider for financial communication EQS in Munich counted.

The company did not determine whether the individual changes in the outlook were triggered by the corona pandemic. However, the fact that the vast majority at 51 occurred after February 16, when the crisis was picking up speed, suggests a connection.

According to investor sentiment, the Situation on the German stock market somewhat eased again. The evaluation of the survey conducted by the Frankfurt Stock Exchange shows that local investors with a medium-term investment horizon are now increasingly relying on falling prices, presumably due to some “frightening” economic forecasts.

According to sentiment analysis, such behavior is a contraindicator. According to the behavioral economist Joachim Goldberg, who evaluates the survey, such bad forecasts have the advantage that they can hardly be undercut by reality. In addition, investors are now realizing that the economic consequences of the corona crisis will be considerable.

He sees the overall development as positive because investors would probably buy again at a significantly lower level.

Speculation on falling prices still at four values

In the past trading week they had Hedge funds still with their speculations contributed to the fact that there was an intermediate recovery on the German stock market. (Read: How Ray Dalio’s Billion Bet Winned Dax)
And how are the hedge funds currently behaving? Bridgewater, Dalio’s hedge fund, has resolved its speculation on falling prices at twelve DAX values. Or more precisely: the quota for all twelve stocks fell below the reportable limit of 0.5 percent of freely tradable shares.

The other funds that continue to focus on falling prices focus on four values: Covestro (1.7 percent), Deutsche Bank (2.9 percent), Germans Lufthansa (9.78 percent) and Wirecard (4.22 percent). The number shows the level of the short sale rate of freely tradable paper (as of Tuesday).

“When planning wealth, the rule is: never get out completely!”

Betting on falling prices in the Technical language Called short sales, operate according to the following principle: Investors borrow shares from companies where they expect price losses. They sell these papers afterwards and hope that the prices will drop. Then you can buy the shares back later and give them back to the lender. The difference between the short sale and the subsequent buyback is then the profit.

All of this leads to the conclusion: Trading with these four DAX values ​​is likely to become turbulent in the coming weeks. On the one hand, the outlook for these stocks is negative. But the Hedge funds will have to buy back the securities at some point.

This particularly affects Lufthansa’s share certificates, which slid to their lowest price level since 2012 on Wednesday. Almost ten percent of all freely tradable shares have to be bought back by the funds.

A calculation example shows that this buyback is likely to have a significant impact on the price. Of the 478 million freely tradable Lufthansa shares, 46 million shares are “sold short”. With a daily trading volume of around ten million units in the past week, this buyback should not be quick.

Look at the individual values

Rocket Internet: According to the start-up investor, it is financially prepared for burdens caused by the coronavirus pandemic, but the share was still down 2.45 percent at the close of trading. The bottom line was Rocket, whose biggest startups like Global Fashion Group or Home24 are now listed on the stock exchange last year, a profit of 280 million euros. In 2018, a profit of 196 million euros was incurred.

Hella: The auto parts supplier was hit by the corona pandemic in the third quarter of its 2019/20 financial year. Nevertheless, the headlight specialist is still within the expected range in the first nine months. For the full year, the board had already cashed its annual targets in mid-March due to the corona crisis. The share went down 2.53 percent from trading.

United Internet: They ended by 2.92 percent more United Internet-Share the trading day. The telecommunications provider plans to launch a new share buyback program with a volume of up to 150 million euros. A clear contrast to many other companies. The reinsurer Munich Re has, for example, stopped its current buyback program.

Carl Zeiss Meditec: Sluggish business hit the medical technology company and brought the shares down by 4.18 percent at the close of trading. Carl Zeiss Meditec has given up its financial targets for the current financial year 2019/20 due to the coronavirus crisis. A reliable forecast of business development is currently not possible.

What the chart technique says

Although there was no significant technical decision on Wednesday despite the high losses, the trading day was also not helpful. So the Dax was unable to close the small downward price gap.
Such downward price gaps arise when the daily low of the previous day is above the daily high of the subsequent trading day. The daily low on Tuesday was 9703 points, the daily high on Wednesday was reached at 9686 points.

On the other hand, the previous week’s low of 9453 was not fallen below. The Dax will, according to the Düsseldorfer Bank HSBC only switch back to crisis mode at prices below 9070 points.

The Frankfurt benchmark has moved far away from the important brands on the top. The decisive factor is the space between 10,138 and 10,391 points inclusive. Among other things, there is the low of December 2018 with 10,279 points, the starting signal for the rally until mid-February 2020 with the previous record high.

“This is the decisive hurdle in chart technology, skipping it would put the German standard values ​​on a quick recovery path,” say the technical analysts of the Düsseldorf-based bank HSBC.

Here is the page with the DAX course, here is the current tops & flops in the Dax. Current Short sales of investors can be found in our Short sales database. “

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Dax slips after weak US data

Dusseldorf After a friendly start to trading, the Dax slipped back into the red. The German stock market barometer is down more than 1.7 percent in afternoon trading at 9379 points. The reason for this is weak US data.

Because in the Coronavirus Crisis US Unemployment Claims Reach historic highs. Last week, 6.65 million Americans made an initial application, the Department of Labor said in Washington on Thursday. Analysts interviewed by the Reuters news agency had only expected 3.5 million applications. In the previous week, the previous high of 1982 had already been exceeded with almost 3.3 million applications.

Many economists assume that the unemployment rate of 3.5 percent will skyrocket in the wake of the wave of redundancies triggered by the virus pandemic: leading monetary authorities of the Federal Reserve expect an increase to double-digit figures. “The labor market situation in the United States can be described as catastrophic,” said the analysts at Landesbank Helaba.

The US unemployment rate will be released tomorrow Friday as part of the March job report. However, some of the statistics are collected before the outbreak of the corona crisis. So only the April values ​​should provide more information.

These numbers didn’t just impact the stock market. The gold price rose from $ 1,580 to $ 1,603 per troy ounce and is currently up 0.8 percent. The price of silver increases by almost four percent to $ 14.53 an ounce.

Yesterday, Wednesday, the leading German index went down again: He lost 3.9 percent and closed at 9545 points – that’s a minus of 390 points. All 30 DAX values ​​were negative yesterday. The ratio of winners to losers in the overall market was also clearly negative at 203 to 633.

Many companies change their forecasts

It is a dangerous mixthat continue to weigh on the stock market. Economic development is clouding over, and more and more companies are moving away from their previous forecasts. However, reports of short-time work continue to increase.

Since the beginning of the year, the 160 companies listed in the Dax, MDax and SDax indices have already had 59 changes in their forecasts, as the service provider for financial communication EQS in Munich counted.

The company did not determine whether the individual changes in the outlook were triggered by the corona pandemic. However, the fact that the vast majority at 51 occurred after February 16, when the crisis was picking up speed, suggests a connection.

According to investor sentiment, the Situation on the German stock market somewhat eased again. The evaluation of the survey conducted by the Frankfurt Stock Exchange shows that local investors with a medium-term investment horizon are now increasingly relying on falling prices, presumably due to some “frightening” economic forecasts.

According to sentiment analysis, such behavior is a contraindicator. According to the behavioral economist Joachim Goldberg, who evaluates the survey, such bad forecasts have the advantage that they can hardly be undercut by reality. In addition, investors are now realizing that the economic consequences of the corona crisis will be considerable.

He sees the overall development as positive because investors would probably buy again at a significantly lower level.

Speculation on falling prices still at four values

In the past trading week they had Hedge funds still with their speculations contributed to the fact that there was an intermediate recovery on the German stock market. (Read: How Ray Dalio’s Billion Bet Winned Dax)
And how are the hedge funds currently behaving? Bridgewater, Dalio’s hedge fund, has resolved its speculation on falling prices at twelve DAX values. Or more precisely: the quota for all twelve stocks fell below the reportable limit of 0.5 percent of freely tradable shares.

The other funds that continue to focus on falling prices focus on four values: Covestro (1.7 percent), Deutsche Bank (2.9 percent), Germans Lufthansa (9.78 percent) and Wirecard (4.22 percent). The number shows the level of the short sale rate of freely tradable paper (as of Tuesday).

“When planning wealth, the rule is: never get out completely!”

Betting on falling prices in the Technical language Called short sales, operate according to the following principle: Investors borrow shares from companies where they expect price losses. They sell these papers afterwards and hope that the prices will drop. Then you can buy the shares back later and give them back to the lender. The difference between the short sale and the subsequent buyback is then the profit.

All of this leads to the conclusion: Trading with these four DAX values ​​is likely to become turbulent in the coming weeks. On the one hand, the outlook for these stocks is negative. But the Hedge funds will have to buy back the securities at some point.

This particularly affects Lufthansa’s share certificates, which slid to their lowest price level since 2012 on Wednesday. Almost ten percent of all freely tradable shares have to be bought back by the funds.

A calculation example shows that this buyback is likely to have a significant impact on the price. Of the 478 million freely tradable Lufthansa shares, 46 million shares are “sold short”. With a daily trading volume of around ten million units in the past week, this buyback should not be quick.

Look at other asset classes

The prospect of a prolonged crisis in the United States weighs on the yuan. The chinese currency falls, a dollar costs 7.1283 yuan at the top 0.4 percent more and as much as it has not in almost half a year. In China, production is ramping up again after the corona virus outbreak, but customers are missing because the global economy is in quarantine.

Of the Oil price benefits from mediation efforts by US President Donald Trump in the dispute between Saudi Arabia and Russia. A barrel (159 liters) of light US oil costs nine percent more at $ 22.15, while North Sea oil of the Brent variety costs 10.1 percent to $ 27.23 per barrel.

According to a report by the “Wall Street Journal”, Donald Trump wants to meet with the CEOs of the largest oil companies on Friday to discuss ways out of the difficult situation. According to this, both aid for industry and punitive tariffs on oil exports from Saudi Arabia are under discussion.

Look at the individual values

Rocket Internet: According to the start-up investor, it is financially prepared for burdens caused by the coronavirus pandemic, but the share nevertheless falls by 1.97 percent. The bottom line was Rocket, whose biggest startups like Global Fashion Group or Home24 are now listed on the stock exchange last year, a profit of 280 million euros. In 2018, a profit of 196 million euros was incurred.

Hella: The auto parts supplier was hit by the corona pandemic in the third quarter of its 2019/20 financial year. Nevertheless, the headlight specialist is still within the expected range in the first nine months. For the full year, the board had already cashed its annual targets in mid-March due to the corona crisis. The share gains 0.16 percent.

United Internet: They are up 0.15 percent United Internet-Shares. The telecommunications provider plans to launch a new share buyback program with a volume of up to 150 million euros. A clear contrast to many other companies. The reinsurer Munich Re has, for example, stopped its current buyback program.

What the chart technique says

Although there was no significant technical decision on Wednesday despite the high losses, the trading day was also not helpful. So the Dax was unable to close the small downward price gap.
Such downward price gaps arise when the daily low of the previous day is above the daily high of the subsequent trading day. The daily low on Tuesday was 9703 points, the daily high on Wednesday was reached at 9686 points.

On the other hand, the previous week’s low of 9453 was not fallen below. According to the Düsseldorf-based bank HSBC, the Dax will only go back into crisis mode at prices below 9070 points.

The Frankfurt benchmark has moved far away from the important brands on the top. The decisive factor is the space between 10,138 and 10,391 points inclusive. Among other things, there is the low of December 2018 with 10,279 points, the starting signal for the rally until mid-February 2020 with the previous record high.

“This is the decisive hurdle in chart technology, the skipping of which would put the German standard values ​​on a quick recovery path,” say the technical analysts at Düsseldorfer Bank HSBC.

Here is the page with the DAX course, here is the current tops & flops in the Dax. Current Short sales of investors can be found in our Short sales database. “

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Current Dax rate: Dax defies weak US requirements

Dusseldorf Investors can breathe a sigh of relief: The German stock market starts this Thursday with a plus despite poor specifications from the USA in the trade. Of the Dax rises in the first trading hour by 0.4 percent to 9582 points.

Yesterday, Wednesday, the leading German index fell again: The Dax lost 3.9 percent and closed at 9545 points – that’s a minus of 390 points. All 30 Dax values ​​are in the minus. The ratio of winners to losers on the overall market was also clearly negative at 203 to 633.

The start on the German stock market could have been much worse. Because the indices in the USA continued to decline after the close of trading in Germany and went out of trading with a decrease of more than four percent.

The US central bank wants the Fed to face the corona virus crisis Facilitation for the banking industry create. According to its own statements, the central bank is temporarily changing the calculation of the debt ratio (SLR, supplementary leverage ratio). Large banks are now allowed, among other things, to leave their holdings of government bonds out of the calculation for the key figure.

Trade in Asia was mixed. While the Tokyo stock exchange gave way, the mainland Chinese indices are up.

It is a dangerous mixthat continue to weigh on the stock market. Economic development is clouding over, and more and more companies are moving away from their previous forecasts. However, reports of short-time work continue to increase.

Since the beginning of the year, there have been 59 forecast changes in the 160 companies listed in the Dax, MDax and SDax indices, as the service provider for financial communication EQS in Munich counted. The company did not determine whether the individual changes in the outlook were triggered by the corona pandemic. However, the fact that the vast majority at 51 occurred after February 16, when the crisis was picking up speed, suggests a connection.

In the past trading week they had Hedge funds still with their speculations contributed to the fact that there was an intermediate recovery on the German stock market. (Read: How Ray Dalio’s Billion Bet Winned Dax)
And how are the hedge funds currently behaving? Bridgewater, Dalio’s hedge fund, has resolved its speculation on falling prices at twelve DAX values. Or more precisely: the quota for all twelve stocks has fallen below the notifiable limit of 0.5 percent of freely tradable shares.

The other funds that continue to focus on falling prices focus on four values: Covestro (1.7 percent), Deutsche Bank (2.9 percent) Germans Lufthansa (9.78 percent) and Wirecard (4.22 percent). The number indicates the level of the short sale rate of freely tradable paper. (As of Tuesday).

“When planning wealth, the rule is: never get out completely!”

Betting on falling prices in the Technical language Called short sales, operate according to the following principle: Investors borrow shares from companies where they expect price losses. They sell these papers afterwards and hope that the prices will drop. Then you can buy the shares back later and give them back to the lender.

All of this leads to the conclusion: Trading with these four DAX values ​​is likely to become turbulent in the coming weeks. On the one hand, the outlook for these stocks is negative. But the Hedge funds will have to buy back the securities at some point.

This particularly affects Lufthansa’s share certificates, which slid to their lowest price level since 2012 on Wednesday. Almost ten percent of all freely tradable shares have to be bought back by the funds.

A calculation example shows that this buyback is likely to have a significant impact on the price. Of the 478 million freely tradable Lufthansa shares, 46 million shares are “sold short”. With a daily trading volume of around ten million units in the past week, this buyback should not be quick.

This Thursday, the focus is again on an economic indicator that has not been observed for a long time. It’s about the Initial jobless claims in the United States. Last Thursday, the number of people registered as unemployed rose to over three million – a historic figure. Helaba analysts estimate that today the number will increase by another three million, meaning that a total of well over six million people have lost their jobs within two weeks.

Not a good sign for the US unemployment rate, which will be released tomorrow as part of the March job market report. However, some of the statistics are collected before the outbreak of the corona crisis. So only the April values ​​should provide more information.

According to calculations by Johns Hopkins University, more than 200,000 people in the United States are now infected with the corona virus, which is more than in any other country. To slow the spread, Trump is now considering restrictions on air traffic.

Look at other asset classes

The prospect of a prolonged crisis in the United States weighs on the yuan. The chinese currency falls, a dollar at 7.1283 yuan temporarily costs 0.4 percent more than it has in almost half a year. In China, production is ramping up again after the corona virus outbreak, but customers are missing because the global economy is in quarantine.

Of the Oil price benefits from mediation efforts by US President Donald Trump in the dispute between Saudi Arabia and Russia. A barrel (159 liters) of light US oil costs 7.6 percent more at $ 21.85, North Sea oil of the Brent variety costs 9.4 percent to $ 27.06 per barrel.

According to a report by the “Wall Street Journal”, Donald Trump wants to meet with the CEOs of the largest oil companies on Friday to discuss ways out of the difficult situation. According to this, both aid for industry and punitive tariffs on oil exports from Saudi Arabia are under discussion.

Look at the individual values

Rocket Internet: The startup investor claims to be financially armed for the coronavirus pandemic, which gives the share a plus of one percent. The bottom line was Rocket, whose biggest startups like Global Fashion Group or Home24 are now listed on the stock exchange last year, a profit of 280 million euros. In 2018, a profit of 196 million euros was incurred.

Hella: The auto parts supplier was hit by the corona pandemic in the third quarter of its 2019/20 financial year. Nevertheless, the headlight specialist is still within the expected range in the first nine months. For the full year, the board had already cashed its annual targets in mid-March due to the corona crisis. The share loses 0.6 percent.

United Internet: They are up 0.2 percent United Internet -Shares. The telecommunications provider plans to launch a new share buyback program with a volume of up to 150 million euros. A clear contrast to many other companies: the reinsurer Munich Re has, for example, stopped its current buyback program.

What the chart technique says

Although there was no significant technical decision on Wednesday despite the high losses, the trading day was also not helpful. So the Dax was unable to close the small downward price gap.
Such downward price gaps arise when the daily low of the previous day is above the daily high of the subsequent trading day. The daily low on Tuesday was 9703 points, the daily high on Wednesday was reached at 9686 points.

On the other hand, the previous week’s low of 9453 was not fallen below. The Dax, according to the Düsseldorfer Bank, only return to crisis mode at prices below 9070 points. #

The Frankfurt benchmark has moved far away from the important brands on the top. The decisive factor should be between 10,138 up to and including 10,391 points. Among other things, there is the low of December 2018 with 10,279 points, the starting signal for the rally until mid-February 2020 with the previous record high.

“This is the decisive hurdle in chart technology, the skipping of which would put the German standard values ​​on a quick recovery path,” say the technical analysts at Düsseldorfer Bank HSBC.

Here is the page with the DAX course, here is the current tops & flops in the Dax. Current Short sales of investors can be found in our Short sales database.

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