D.he European stock markets are being hit by another downward wave. On Friday morning the Dax opened around 1 percent lower, but found a halt near its previous weekly low of 11,457 points. After an hour of trading, the Dax had 11,550 points and thus limited its daily loss to 0.5 percent. Nevertheless, the situation looks precarious. The Dax has now lost 9 percent this week.
On Friday, especially cyclical stocks, including the automotive sector, which is strongly represented in the Dax, came under selling pressure. Daimler, BMW and VW fell by up to 1.6 percent. The share price of the automotive supplier Continental slipped even lower at 1.8 percent. Conti boss Elmar Degenhart is stepping down from chairmanship for health reasons after more than eleven years.
On Thursday, thanks to the prospect of further cash injections from the European Central Bank (ECB), the Dax closed 0.3 percent higher to 11,598 points, showing stabilization tendencies for the first time this week. The American stock indices Dow Jones and S&P 500 also ended trading 0.5 percent and 1.2 percent higher. But on Thursday evening, several American technology companies disappointed with their quarterly results.
The short message service Twitter in particular fell short of expectations with its user growth. In the aftermath of the trading day, the Twitter rate then lost a double-digit percentage. The share prices of Apple, the Google holding company Alphabet, Amazon and Facebook also gave up after their quarterly figures were announced. In addition, new infections with the corona virus in Europe continue to rise apparently unchecked to new records on Friday. This cocktail was so in the stomach of investors on Friday morning that many sold their shares on a grand scale.
The biggest weekly loser in the Dax is currently the share of SAP with a minus of 25 percent. The software manufacturer had already warned at the beginning of the week that it would not achieve its profit targets. The only clear weekly winner is the Dax Delivery Hero. The food supplier naturally benefits from the fact that in large parts of Europe, including Germany, restaurants have to close again and are only allowed to sell “take away”.