Concerns about a tightening of monetary policy by the US Federal Reserve this year weighed on the German stock market on Thursday. In addition, uncertainty is growing in view of the spread of the delta variant of the corona virus. the Dax lost 1.5% to 15,728 points in the afternoon. As the minutes of the last Fed meeting released on Wednesday night revealed, central bank members were divided over when bond purchases to support the economy should be cut. The majority, however, were of the opinion that it should start this year.
European auto stocks have come under pressure after a report of drastic production cuts at the world’s largest automaker Toyota. The reasons for these cuts are the global chip shortage and the corona crisis. A dealership said the bottlenecks in the supply of materials to the automotive industry have been known for a long time. “But no one intended to cut production by 40 percent.” Investors therefore pulled the ripcord: in Japan, Toyota shares fell 4.4%. In Dax, shares of BMW, Daimler and Volkswagen as well as the Continental equipment manufacturer fell between 2.2% and 3.2%. A VW spokesperson also said the semiconductor shortage will slow car production in Wolfsburg after the summer recess. VW assumes that chip supply will remain tight in the third quarter. Therefore, other production adjustments cannot be excluded.
Infineon papers fell 3.3% and suffered, like other chipmakers in Asia, from reports of delivery bottlenecks. The night before, Cisco highlighted delivery bottlenecks for the presentation of its quarterly figures for the rest of the year. However, the sales figures of the American network specialist were well received. Cisco has benefited from the home office trend and strong demand for cybersecurity and teleconferencing products. That raised Wall Street stocks by just under one percent. Overall, however, the mood on the US stock markets has been rather depressed. the Dow jones was listed down 0.4% shortly after trading started. The technology-heavy Nasdaq Composite Index fell 0.6%.