The upswing on the German stock market continues. In the meantime, the Dax (INDEXDB: DAX) has made up almost 1,600 points within just eleven trading days.
Shortly after the start of trading, the Dax climbed by up to 0.8 percent to 11,768 points, 21 points above the previous high since the beginning of the Corona crisis. “We see an incredibly positive interpretation of all the news,” said portfolio manager Thomas Altmann from the investment advisor QC Partners. “Setback risks are completely hidden by investors.” Investors are betting that loosening the pandemic restrictions will trigger a powerful upswing. “From a technical point of view, we have reached a dangerous point,” he added. The stock market is massively overbought. A setback is more the norm than a surprise.
Investors hope that the upcoming European barometers for the mood of companies and consumers will confirm their optimism. In both cases, experts predict an improvement. In the US, orders for durable goods are on the schedule. Here, analysts predict a 19 percent decline in April after a revised minus of 15.3 percent in the previous month.
On the foreign exchange market, the euro is trying to keep above the $ 1.10 mark.
Infineon shares are performing above average in the Dax. Morgan Stanley has resumed the rating with “Overweight” and a target price of 24 euros. A dealer also referred to the increased earnings and sales forecast of the US semiconductor group Micron Technology as a driver for the current quarter. For the semiconductor sector, this is positive and should be seen as a sign of strong demand for memory chips. Siltronic’s stocks also rise in tow.