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(Stand: 15.02.2019)

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MB Fund Max Value 139,29 (–1,17%)
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Aktuelles

26.08.2011 German Stocks Fall, Paring Weekly Gain for Benchmark DAX Index



German stocks fell for a second day, paring a weekly gain, as disappointing data on U.S. economic expansion overshadowed a prediction from Federal Reserve Chairman Ben S. Bernanke that growth will continue.
Deutsche Bank AG, Commerzbank AG and RWE AG led falling shares on the benchmark DAX Index. The gauge dropped 46.66, or
0.8 percent, to 5,537.48 at the 5:30 p.m. close in Frankfurt, bringing this week’s advance to 1.1 percent. The broader HDAX Index lost 0.9 percent today.
The U.S. economy grew less than previously estimated in the second quarter, capping the weakest six months of the recovery that began in mid 2009. Gross domestic product climbed at a 1 percent annual rate from April through June, down from a 1.3 percent prior estimate, revised Commerce Department figures showed today. The median forecast of economists surveyed by Bloomberg News called for a 1.1 percent increase.
Bernanke, speaking to central bankers and economists gathered at an annual forum in Jackson Hole, Wyoming, sought to reassure investors that U.S. growth is safe in the long run and that the Fed still has tools to aid the recovery if needed, He stopped short of indicating that the central bank will move ahead with a third round of government bond-buying.


No Time Frame


“Investors were expecting Bernanke to say the Fed is ready to do everything to stimulate growth but they were disappointed that he didn’t give any time frame,” said Thilo Mueller, who helps manage 120 million euros ($173 million) at MB Fund Advisory in Limburg, Germany. “The question is when are those stimulus tools going to be used. But everybody knows, at anytime he is able to use all instruments and this is positive.”

German shares have declined more than gauges in France, Spain and Italy after they prohibited new short bets in financial stocks.
DAX futures tumbled 4 percent in 15 minutes yesterday as investors rushed to hedge equities amid speculation bans on short selling would be extended, before rebounding to close 1.5 percent lower. The contracts plunged as much as 7.1 percent on Aug. 18, falling 100 points in less than two seconds, amid speculation France’s prohibition on shorts would keep traders from exchanging futures on the CAC Index that were due to expire the next day.
“We have seen several large investors, both hedge funds and long-only equity investors, hedge their portfolios and sell large amounts of DAX futures, hence exerting a large selling pressure,” said Sushil Krishan, a derivatives salesman at UniCredit Bank AG in Munich. “Hedge funds are likely doing it as a speculative bet while institutional investors use it as a hedge.”


Commerzbank Drops


Commerzbank sank 2.7 percent to 1.96 euros today. Deutsche Bank slid 2.9 percent to 26.62 euros.
Lanxess AG dropped 5.8 percent to 39.79 euros after Chief Executive Officer Axel Heitmann sold 9.88 million euros of the German chemical maker’s stock.
Gildemeister AG rallied 6.5 percent to 10.97 euros, the biggest gainer on the HDAX index, as the German maker of cutting tools said it plans to buy back as many as 3.1 million shares, or 5.1 percent of its share capital. The company added that it is considering using the repurchased stock as an “acquisition currency.”



Quelle: Bloomberg News

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