German Stocks Dip as Investors Brace for Earnings Season; DAX and MDAX Slide Amid Caution
October 22, 2024The benchmark DAX index declined by 42 points, or 0.2%, closing at 19,615 after a previous gain of 0.4%.
This drop in the DAX follows a record high of approximately 19,675 points reached just days earlier.
In the bond market, the average yield increased slightly from 2.17% to 2.20%, while the Rex bond index fell by 0.16% to 126.50 points.
Meanwhile, oil prices are stabilizing after earlier losses, with Brent crude rising to $73.48 per barrel.
The euro is trading at 1.0821 US dollars, with the European Central Bank setting a reference rate at 1.0853 dollars.
Overall, falling stocks outnumbered advancing ones on the Frankfurt Stock Exchange by 424 to 213, indicating a bearish sentiment.
In a broader context, gold prices surged above $2,700 per ounce, driven by investor uncertainty ahead of the upcoming U.S. presidential election.
Investors are exercising caution in the German stock market as they await the upcoming earnings season, leading to a subdued trading session on Monday.
Following recent record highs, market participants are holding back, focusing on the forthcoming earnings reports and economic data for direction.
In corporate news, Infineon Technologies saw a 2.6% decline in shares following a downgrade by Morgan Stanley, citing challenges in the automotive industry.
Conversely, Sartorius' preferred shares were the weakest on the DAX, dropping 4.8% after a significant rise due to a quarterly report.
The MDAX index for medium-sized companies also experienced a decline, dropping 0.67% to 27,152.77 points.
Summary based on 8 sources
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Sources
Investing.com • Oct 21, 2024
Germany stocks lower at close of trade; DAX down 1.02%Investing.com • Oct 21, 2024
Denmark stocks lower at close of trade; OMX Copenhagen 20 down 0.01%RTTNews • Oct 21, 2024
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