NAfter the steep descent, the German stock market is still cautious ahead of the weekend. Before the much-noticed US job market report, the Dax continued to fall on Friday morning and fell by 0.20 percent to 15,498.24 points shortly after the start. After four trading days with losses, the leading German index fell back to a low since the end of March.
“The mood is down,” commented Thomas Altmann, portfolio manager at QC Partners. The M-Dax of medium-sized companies also continued its strong losses from the previous day and lost 0.47 percent to 26,582.75 points in the morning. The Eurozone leading index EuroStoxx 50 fell by 0.30 percent to 4210.42
The stockbrokers are waiting for the official figures on the employment situation in the United States in the course of trading. The day before, strong labor market data from the private sector in the USA had once again fueled interest rate fears in the market. Stock market expert Altmann explained that after the “positive surprise” from the ADP report, the same for the official labor market data was at least a little anticipated. “For the stock exchanges, however, positive surprises are rather bad news, as they make longer and higher interest rates all the more likely,” says Altmann.
The Fed is trying to fight inflation by raising interest rates. The booming labor market harbors new risks of inflation: companies often have to lure new staff with higher wages and try to pass the increased costs on to customers.
Kion came under pressure in the individual values. The shares of the Frankfurt forklift manufacturer collapsed by almost seven percent to 32.41 euros and were therefore cheaper than they had been for a good ten months. After just six months, CFO Markus Wassenberg is already over. The CFO had terminated his contract with immediate effect “after there were different views on corporate management issues,” Kion announced on Thursday.
