However, trade was very quiet; markets in Britain and the United States were closed for public holidays. In addition to the absence of international investors, there was also a lack of impetus New York.
The Dax closed with a gain of 0.44 percent to 18,774.71 points. The MDax with medium-sized German shares gained 0.58 percent to 27,281.48 points.
“Economic trees are not yet growing into the sky”
Surprisingly, the mood in the German economy did not improve in May, after three consecutive increases. “Accordingly, the economic trees are not yet growing to the sky – at least not at the moment,” said NordLB chief economist Christian Lips. However, he does not want to overestimate any value, because the signs of a gradual stabilization of the economy remain clearly in the majority. This view also seems to prevail in the financial markets, he said, referring to the Dax.
According to Lips, the gloomy business situation calls for exuberant optimism. On the other hand, on the economic front, there is no serious obstacle to the European Central Bank’s first rate cut in June. Uncertainty about the further course of central bank monetary policy has recently slowed the Dax’s record rally, after the leading index peaked at 18,892 points in mid-May.
Car values became a mainstay for the Dax
Company reports were scarce. It was striking that some shares received negative reactions to their recent price development. This is how car shares became a support for the Dax. The 2.8 percent higher shares of the Porsche AG topped the index, recovering from the recently reached lowest level since mid-March. For the Volkswagenpapers increased by 1.7 percent. The premium car manufacturers Mercedes-Benz and BMW also ended the trade higher.
Wacker Chemie, a stock that has struggled so far in 2024, was sought after in the MDax. Only on Friday did the price reach the lowest level since February. Despite the recovery of 4.3 percent on Monday, the annual balance sheet of the specialty chemicals company remains red with a loss of more than seven percent.
Shares of web host Ionos fell by 5.5 percent
In the case of Ionos from the small cap index SDax, things went the other way due to profit taking; Here, investment bank Morgan Stanley took the wind out of the sails of the price rally. The web host’s shares fell 5.5 percent after analyst George Webb dropped his positive recommendation. He now considers the opportunities and risks to be reasonably balanced.
Trade was interrupted in London and the United States
The leading index EuroStoxx 50 in the euro zone rose by 0.47 percent to 5059.20 points. The Cac 40 posted a similarly high price gain in Paris. In London was not traded due to the Spring Bank Holiday and trading in New York was suspended on Memorial Day.
It was relatively quiet on the currency market. The euro was trading at $1.0859 around noon. The European The Central Bank (ECB) set the reference interest rate at $1.0840 on Friday.
On the bond market, the current interest rate rose from 2.64 percent on Friday to 2.66 percent. The Rex bond index fell 0.06 percent to 123.74 points. The Bund future rose by 0.18 percent to 130.34 points.