Renewed speculation of an easing of China’s zero-Covid policy is driving the DAX, as is robust US jobs data. A jump in the price of Adidas shares also attracted attention.
The leading German index, the DAX, closed the week after two weak trading days with an increase of 2.51 percent to 13,459.85 points. On a weekly basis, this means an increase of 1.63 percent. The MDAX of medium-sized stocks rose by 2.43 percent to 23,811.57 points on Friday.
The leading German index was driven by news from the USA and China. Significantly more jobs were created in the USA in October than expected, and wage increases also picked up some momentum. Amid rumors of an imminent end to China’s zero-Covid policy, steel stocks like Thyssenkrupp, Klöckner rallied
The shares of the two sporting goods manufacturers Adidas and Puma initially benefited significantly from this speculation, as China is an important market for them. After a personnel bang in the Franconian sporting goods metropolis of Herzogenaurach, however, Puma’s shares suddenly plummeted, while those of Adidas continued to soar: Puma CEO Björn Gulden will not extend his contract and could soon be at the helm of larger rival Adidas switch.
The news shocked Puma investors only briefly. The share certificates almost completely made up for their significant losses in the meantime and closed 0.5 percent in the red. The Adidas papers went up by a good 21 percent.
With an increase of 9.5 percent, Continental shares secured second place in the Dax behind Adidas. She was pulled up with Italian tire manufacturer Pirelli. This was able to significantly increase sales prices in the third quarter. The EuroStoxx 50, the leading index in the euro zone, rose by 2.65 percent to 3688.33 points. Paris’ Cac 40 and London’s FTSE also rallied sharply.
In New York, the Dow Jones Industrial posted moderate gains at the close in Europe. The euro rose on dollar weakness after the US jobs report, last trading at $0.9918. The European Central Bank had previously set the reference rate at $0.9872 (Thursday: $0.9753). The dollar thus cost 1.0130 (1.0253) euros.
On the bond market, the current yield increased from 2.17 percent on the previous day to 2.19 percent. The Rex pension index fell by 0.13 percent to 126.91 points. The Bund future fell 0.51 percent to 136.69 points.
