Building on the ongoing record hunt on Wall Street, the Dax hit a record 15,807 points on Monday shortly before trading ended. The closing price of the German benchmark index was 0.7% higher than the previous day at 15,791 points and therefore also higher than ever. The rapid spread of the delta variant of the corona virus continued to worry investors, said investment strategist Michael Hewson of brokerage firm CMC Markets. There is a standoff between those who see the recovery in jeopardy and those who only expect the recovery to be delayed. On the corporate side, there was news of Bayer, which the shares of the chemical and pharmaceutical company could not benefit from. They fell 0.3% despite the approval of the drug finerenone in the United States. The price has still not managed to break significantly from the annual low. The focus remains on the still unresolved US legal dispute over alleged cancer risks from weedkillers. Volkswagen stock, on the other hand, was on a better track and, at over 2.7%, was one of Dax’s favorites. On Friday, thanks to strong key data, it had already risen six percent. In addition, after the market closed, VW CEO Herbert Diess was awarded a new contract until the fall of 2025. According to a stockbroker, this leaves room for some uncertainty over the future management of the company. Energy values were also sought after. RWE’s paper gained 2.4% in value, while that of Siemens Energy and Eon grew by 1.2% and 0.8% respectively. British bank HSBC has raised its price target for Siemens Energy.
Meanwhile, Atos shares plunged more than 17% to a six-and-a-half-year low in Paris. Due to the pandemic, the IT service provider lowered its operating profit margin target for the full year to six, from 9.4% to 9.8% previously. It was a surprise, said a stockbroker.
Meanwhile, US stock exchanges continued their three-step record hunt. The broad S&P 500 composite index and the technology-heavy Nasdaq hit new highs. Also Dow jones climbed slightly to mid-market, but missed a new record.