Equities – Ida weighs on Munich Re stock – Economy

European stock exchanges started the new week without vigor. The first German clue Dax changed little and was 0.2% higher at 15,866 points on the Monday after the market closed. The chairman of the US Federal Reserve, Jerome Powell, announced last Friday a restriction on purchases of securities, but without giving a specific date. “Even if the Fed started cutting its bond purchases in the fourth quarter or early in the year, it wouldn’t take money out of the market for a long time, and the financial world is still miles away from rising prices. interest rate. ”said analyst Jochen Stanzl of online broker CMC Markets.

In individual stocks, the shares of reinsurer Munich Re suffered from the still unpredictable damage caused by Hurricane Ida in the United States. With a decline of 1.3%, stocks were among Dax’s biggest losers. Shares of competitor Swiss Re also lost 1.1%. Zürcher Kantonalbank analyst Georg Marti estimated the possible charges for Swiss Re alone at several hundred million dollars.

In S-Dax, Adva Optical shares jumped a good ten percent. The American specialist in optical fiber Adtran takes over the network equipment manufacturer and intends to create a world leader in the industry. Flatexdegiro shares rose 3.1%. The online broker has announced the planned split of its shares in a ratio of 1: 4 for next Thursday. A rally during the corona pandemic had pushed newspapers to an all-time high in late June. More recently, there has been some profit taking. Apart from the indices of the Dax family, the Knaus Tabbert share stood out with more than 7.9%. Investors liked the announcement from the recreational vehicle maker that it was investing in its growth. The group wants to grow by 20% per year and achieve a turnover of around two billion euros in 2025. On the US stock markets, investors have seized technology stocks. The high-tech Nasdaq Composite Index and the broad S&P 500 hit new records. Of Dow jones however, closed down 0.2 percent. The Fed’s reluctance to slow down its ultra-accommodative monetary policy as planned continues to create a buying climate.

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