After the fall in prices at the start of the week, the Dax stabilized on Tuesday. At the end of the session, the German benchmark was up 1.4% to 15,349 points, after having approached the 15,000 mark the day before. The day before, worries of an extension of the crisis of the Chinese real estate group Evergrande had hit the world stock markets, in this wake, the Dax fell to 15,019 points, its lowest level since May.
The debut of Universal Music (UMG) caused a sensation. The titles of the largest record company in the world, which signed Bob Dylan, Billie Eilish and The Weeknd among others, rose to 25.25 euros in Amsterdam, or 36% above the benchmark price of 18 ,50 euros. In their wake, the shares of major shareholders of UMG such as the hedge fund Pershing Square or the Chinese technology group Tencent have gained up to 4% in value. For the shareholders of the former parent company of UMG Vivendi, it worked well. Even though the Vivendi share price fell, there was a big plus for shareholders if we add the UMG share price. In this country, investors called on the youngest leaders for acquisitions. The papers of climber Dax Porsche SE, which rose by 2.3%, were in great demand. Shares of battery maker Varta were also able to offset some of their losses the previous day with more than 3.9%. Investors continued to be cautious about bank stocks, which had been dragged downward spiral across Europe the day before amid fears of an extension of the Evergrande crisis. Deutsche Bank papers lost 1.2%, Commerzbank was 1.2% more expensive. Earlier in the session, Wall Street investors also dismissed concerns about the struggling group China Evergrande. Of Dow jones however, forfeited its gains and closed 0.2 percent lower. Investor attention has turned increasingly to the results of Wednesday’s Federal Reserve (Fed) meeting. Traders expect that while the Fed will lay the groundwork for reducing its support measures, the actual announcement will be postponed until the November or December meetings.