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Market report: DAX tries to limit the damage


The DAX should start the last trading day of the week with a strong premium. But is there really more to it than a technical counter-reaction to the previous fall in prices?

The DAX should start with price gains in XETRA trading. The broker IG estimates the 40 German standard values ​​1.1 percent higher at 13,053 points. The leading German index should therefore jump the round mark of 13,000 points right at the start of trading.

March low comes into focus in the DAX

The day before, the DAX had rushed below this important support. The daily low dropped to 12,913 points, marking a new three-month low for the DAX. From a technical perspective, investors must now be prepared for an imminent test of the March low at 12,439 points.

Good indications from Wall Street

But in the short-term, the good indications from Wall Street should initially help the German standard values ​​to stabilize. The US stock exchanges closed yesterday with price gains after volatile trading. Technology stocks and defensive stocks in particular were in demand.

The US standard value index Dow Jones went 0.6 percent higher to 30,677 points from trading. The tech-heavy Nasdaq advanced 1.6 percent to 11,232 points. The broad S&P 500 gained around one percent to 3795 points.

Powell aims for “soft landing”.

US Federal Reserve Chairman Jerome Powell committed to fighting inflation at his semi-annual hearing before the US Congress. His house is striving to cool down the US economy cautiously. However, it will be more difficult to achieve this goal.

Many economists and investors fear that the rapid tightening of US monetary policy could plunge the world’s largest economy into recession – with fatal consequences for the global economy and corporate profits.

Nikkei shows itself stronger

The stock exchanges in Asia follow the good guidelines from the USA and make price gains at the end of the week. The Nikkei index, which comprises 225 stocks, is up 1.1 percent at 26,449 points around half an hour before the close of trading in Tokyo. The Shanghai stock exchange is up 0.6 percent.

Euro and gold with slight gains

In Asian forex trading, the dollar is somewhat weaker. At the same time, the euro rose by 0.2 percent to $1.0542. The European common currency is again trading well above the 1.05 dollar mark, below which it slipped yesterday in the course of trading.

The slightly weaker dollar benefits dollar-denominated commodities. An ounce of gold costs $1,826, up 0.1 percent from the previous day.

Fashion retailer Zalando cuts annual targets

The online fashion retailer Zalando fears a prolonged slump in demand due to the recent clouded economic prospects. The company, which is listed on the DAX, therefore cut its annual targets yesterday evening and expects at best a small increase in sales in 2022. Shares fell in after-hours trading.

Deutsche Bank: Penalty for WhatsApp use?

According to circles, Deutsche Bank calculates a financial burden in connection with the use of news services such as Whatsapp for business communication. The bank had gotten into trouble with the regulator because of the widespread use of private communication channels among employees, as reported by the Bloomberg news agency.

Lufthansa is canceling another 2,200 flights during the holiday season

In the middle of the summer vacation period, Lufthansa is canceling more than 2,000 more flights at its Frankfurt and Munich hubs due to a lack of staff. A good two weeks ago, she announced that she would be canceling 900 connections on Fridays and weekends in July.

Post competitor FedEx with jump in sales

The US logistics group FedEx made significantly more sales in the most recent financial quarter. Revenues increased by eight percent year-on-year to $24.4 billion, as Post’s competitor announced yesterday after the US stock market closed. That went down well with investors; the stock rose in after-hours trading.

Nike is turning its back on Russia entirely

The world’s largest sporting goods company Nike wants to withdraw completely from Russia in view of the ongoing war against Ukraine. “Nike has made the decision to exit the Russian market,” a spokesman said. The priority now is to support local workers while operations are responsibly shut down over the coming months.

Amazon shows software for quick voice imitation

Amazon has developed software that can mimic a human’s voice in less than a minute of speech. The online company demonstrated yesterday how a networked loudspeaker with the language assistant Alexa reads the book “The Wizard of Oz” to a boy with the voice of his grandmother.

Instagram is experimenting with automatic age detection

Instagram is testing automatic age detection based on a selfie video in the United States. Users are asked to upload a clip. A software from the partner company Yoti will then estimate the age, as the photo and video platform belonging to the Facebook group Meta explained yesterday.