Robust economic data from the USA gave the Dax a strong boost on Wednesday. After a slow start, the leading German index rose by 1.03 percent to 13,587.56 points and returned to the level of mid-June.
The recent tensions between China and the United States over Taiwan thus receded into the background. The MDax for medium-sized companies rose by 1.56 percent to 27,806.12 points.
In the USA, incoming orders for industry rose surprisingly sharply in June. In addition, sentiment in the service sector brightened unexpectedly in July. The corresponding purchasing manager index of the Institute for Supply Management increased compared to the previous month, while economists had expected a decline.
BMW shares collapse
In Germany, the reporting season for companies once again dominated events. A booming automotive business, a weak euro and a strong price mix made the chip manufacturer Infineon even more confident. The company raised its guidance. The shares among the biggest winners in the Dax rose by around five percent.
At the end of the Dax, BMW's shares fell by 5.6 percent. At the Munich automaker, analyst Philippe Houchois from US Bank Jefferies criticized the shortened forecast for free cash flow in 2022.
In the second row, Commerzbank shares rose by two and a half percent. Traders and analysts praised the bank's business figures, which also want to become more profitable in 2024.
The shares of the food supplier Delivery Hero rose by almost seven percent as the best value in the MDax after the counterparty Just Eat Takeaway had confirmed the annual targets. Its shares gained a good five percent in Amsterdam.
Rational loses in the MDax
Rational's shares, on the other hand, fell by more than eight percent as the clear tail light in the MDax. Stockbrokers complained that the outlook of the outfitter of large kitchens was only confirmed.
In the SDax small-cap index, the shares of Auto1 secured first place with a plus of around 13 percent. The online used car dealer wants to grow more strongly in the current year.
The Eurozone leading index EuroStoxx 50 gained 1.30 percent to 3732.54 points, the national indices in Paris and London closed less clearly in the plus. In New York, the US leading index Dow Jones Industrial rose by around one percent at the end of European trading.
euros fell further
The euro continued to fall on the back of robust US data, most recently trading at $1.0155. The European Central Bank had previously set the reference rate at 1.0194 (Tuesday: 1.0224) dollars. The dollar thus cost 0.9810 (0.9781) euros.
On the bond market, the current yield on German government bonds rose from 0.60 percent on the previous day to 0.72 percent. The Rex pension index lost 1.18 percent to 136.71 points. The Bund future lost 0.22 percent to 156.96 points.