Investors on European stock markets did not venture too far on Wednesday before new information from the US Federal Reserve (Fed) on monetary policy expected in the evening. Surprisingly good corporate figures nevertheless led to price movements. the Dax was 0.3 percent higher at 15,570 points at the close of trading. “Due to the uncertain economic environment, some investors seem to see strong numbers as an opportunity for profit taking,” said analyst Pierre Veyret of brokerage firm Activ Trades.
Higher prices and a significant recovery in demand enabled BASF to make a billion in profits in the second quarter. The chemical company posted a net profit of 1.65 billion euros, after a loss of 878 million euros suffered in the same period of the previous year due to a sharp depreciation. However, BASF shares recently fell one percent. Deutsche Börse papers lost 2.1% of their value after the sales figures were presented as the lowest value of Dax. Berenberg private bank analyst Peter Richardson called the quarter a slight disappointment.
In M-Dax, Telefonica Deutschland’s paper slipped 7.5%. Still, analysts were mostly positive on the quarterly figures. In S-Dax, shares of Deutsche Pfandbriefbank dominated the winners after raising the annual forecast to over 6.5%. For the shares of the distribution group Metro and the radiotherapy and medical technology company Eckert & Ziegler, it increased by 1.7 and 6.2% according to the quarterly figures.
On Wall Street, the results of the Fed meeting announced that night had no impact. As expected, the US Federal Reserve will initially maintain its lax monetary policy. The flagship index Dow jones was slightly in the red shortly before the end of the trade. Support for US stock exchanges came from quarterly figures from Google’s parent company, Alphabet. That increased sales in the last quarter year-over-year by 62% to about $ 61.9 billion. Profit jumped to $ 18.5 billion. Alphabet shares at times rose 4.8% to a record high of $ 2,765.94.