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FRANKFURT (Dow Jones) — The German stock market also went “sideways through the summer slump” on Wednesday. News was thin, as were sales. Like the rabbit in front of the snake, many players are still waiting for the meeting of central bankers in Jackson Hole, which starts on Thursday and will probably culminate on Friday afternoon with the speech by US Federal Reserve President Jerome Powell. The DAX closed 0.2 percent higher at 13,220 points.
It remains to be seen whether the meeting in Wyoming will stimulate interest rate and foreign exchange markets. ECB chief Christine Lagarde stays away from the meeting and will be represented there by ECB Director Isabel Schnabel. This could suggest that there will be no market-moving news from the ECB. Meanwhile, mostly hawkish statements are expected from Powell in the direction of undeterred adherence to the rate hike course that has been initiated.
Gas more expensive again
While the rise in oil and gasoline prices is easy to see at a gas station, it’s more difficult with gas. The price rose again on Wednesday, which will mean massive consequences for utility costs for apartments and houses in the coming months if they are heated with gas. European gas recently cost EUR 292.50 per MWh. Since the low in January, the contract price has quintupled.
The tank discount will be abolished at the end of the month and a liter of Super will cost over 2 euros again. Life will be massively expensive in the coming months, and Christmas presents will probably be smaller this year. The Uniper share, sorely tested by the gas price increase, fell by 1.1 percent.
CTS Eventim (+2.6%) presented good figures for the second quarter. The dry summer with its mood to go out and with it the comeback of music events after the corona pandemic ensured a strong jump in sales and profits – even compared to the time before the pandemic.
According to the half-year figures, Sto was up 0.8 percent. The construction supplier’s sales increased by 14.2 percent, also because the demand for thermal insulation material is increasing in view of the rapid rise in energy prices.
The SFC Energy share went up a good 13 percent. The provisional half-year figures from the manufacturer of fuel cells were good, it said. Incoming orders increased to EUR 72.5 million after EUR 44.3 million in the first quarter.
INDEX last +/- % +/- % YTD
DAX 13.220,06 +0,2% -16,78%
DAX-Future 13.235,00 +0,4% -16,34%
XDAX 13.238,52 +0,7% -16,47%
MDAX 26,057.51 +0.4% -25.81%
TecDAX 3.035,15 +1,2% -22,58%
SDAX 12,275.87 +0.3% -25.21%
last +/- ticks
Bund-Future 150,24 -33
Index winners losers and turnover million euros million shares previous day
DAX 20 20 0 2.091,7 47,9 55,1
MDAX 30 19 1,378.1 27.0 31.4
TecDAX 21 8 1 424,1 14,2 17,6
SDAX 39 28 3 103.4 7.9 8.1
Contact the author: thomas.leppert@wsj.com
DJG/thl/gos
(END) Dow Jones Newswires
August 24, 2022 11:54 ET (15:54 GMT)
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