Powell Stocks Supports the Stock Economy

European stock markets reacted on Friday with small gains to statements by US Federal Reserve chief Jerome Powell. Of Dax improved 0.4% to 15,854 points at the end of the session. Powell said in his manuscript for the Jackson Hole Fed Symposium that monetary policy is currently well positioned and that there has been significant progress towards full employment. However, he did not comment on the exact start of the reduction in bond purchases (tapering). Large buys had driven the bull market in recent years.

Among the DAX stocks, Vonovia stocks were among the favorites with a 1.3% premium. The real estate group has placed corporate bonds for a total amount of five billion euros as part of the proposed acquisition of Deutsche Wohnen. However, the newspaper of the takeover candidate did not react: Deutsche Wohnen shares lost 0.2%.

Morphosys shares gained 1.5% in value in M-Dax. The European Union has given the Munich-based biotech company and its partner company Incyte conditional approval to market their anti-cancer drug Minjuvi. With over 2.3%, CTS Eventim stock was one of the biggest winners in M-Dax. Here, ticket office organizers and investors were hoping for a large order. With France Billet and Orange Business Service, CTS Eventim is in the final phase of negotiations on a ticketing agreement with the Organizing Committee for the Olympic and Paralympic Games in Paris in 2024. At the head of the S-Dax were the actions of Borussia Dortmund an increase of 5.5%. After the draw of the opponents in the Champions League, investors see a good chance for the football club to move forward.

The reluctance of the Fed to set a date for the end of the crisis has pushed up prices on the US stock markets. Of Dow jones trading rose 0.7 percent. The S&P 500 and the technology-heavy Nasdaq Composite Index hit new highs.

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