Stock exchange in Frankfurt: Dax stable before US job market report

After a very encouraging week on the German stock market so far, the leading index Dax rose again slightly in early trading on Friday.

Stock exchange in Frankfurt: Dax stable before US job market report

After a very encouraging week on the German stock market so far, the leading index Dax rose again slightly in early trading on Friday. It was up 0.15 percent in early trading at 13,682 points. For the first week of August there was a gain of one and a half percent. Investors could keep a low profile until the release of the US jobs report for the month of July in the early afternoon.

The MDax for medium-sized companies was virtually stationary at 28,170 points. The leading eurozone index, the EuroStoxx 50, was slightly up.

"The current rally on the stock market is being subjected to a serious test of endurance at the latest with the numbers on the labor market," wrote analyst Jochen Stanzl from the trading house CMC Markets. Should the labor market weaken, concerns could resurface that the Fed has triggered a hard landing for the US economy with its rapid interest rate hikes.

The quarterly figures of Deutsche Post were extremely well received on the stock exchange. The logistics group increased sales and earnings by double-digit percentages in the second quarter. The share sat at the top of the Dax with a plus of six percent.

At the end of the Dax, Allianz shares were down 2.8 percent. Here the surplus of 1.7 billion euros was almost a quarter lower than a year earlier. Analysts complained about the insurer's weak combined ratio. With Munich Re and Hannover Re, the prices of other insurers fell.

Zalando shares continued the price rally from the previous day and rose four percent to their highest level in two months. Goldman Sachs had reiterated its buy recommendation for the online retailer's shares.

Rheinmetall was one of the biggest losers in the MDax of medium-sized stocks with minus 3.4 percent. Analyst Olivia Charley from Goldman Sachs criticized a sharp decline in orders from the armaments group and automotive supplier.

Aurubis shares fell by a good two percent. A trader said that despite better sales, the copper producer's operating earnings figures were slightly below analyst estimates.

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