European stock exchanges have started the new week with a new boost. During the trade, however, the vigor diminished considerably, so that the Dax On Monday afternoon, some of its profits were again sold and rose 0.3% to 15,600 points. At times, the main German index had climbed a good percent. Among other things, it was slowed down by significant price drops in the heavyweight of the Allianz index.
The insurer fears additional charges in a multibillion-dollar dispute with US funds, in which the US Department of Justice has now also intervened. This will certainly weigh on price for a long time, write analysts at JPMorgan Bank. However, thanks to its large business base, the group could cushion any burden of this dispute. Allianz titles lost seven percent of their value as Dax’s biggest loser. In contrast, the share certificates of French competitor Axa rose 4.5%. The company almost tripled its half-year profit.
From an industry perspective, auto stocks were in good shape. Shares of BMW, Volkswagen and Daimler recorded price gains of between 0.9% and 2.2% and thus were among the most attractive stocks on the DAX. The American investment bank Goldman Sachs had previously included the Daimler papers in its list of particularly promising stocks. Volkswagen shares also benefited from a positive study by DZ Bank analyst Michael Punzet, who sees economies of scale for the Wolfsburg-based company when it comes to electromobility.
In S-Dax, investors cashed in Flatexdegiro shares, which were still at an all time high four weeks ago. The price has fallen by more than 15 percent. Voices have grown as customer growth recently has not quite lived up to high expectations.
The atmosphere on the American stock exchanges was friendly. the Dow jones was listed 0.6% higher shortly after trading started. Investors were hoping President Joe Biden’s infrastructure reform bill could be passed within days. In addition, a representative of the US Federal Reserve ruled out a timely tightening of monetary policy.