Corona crisis triggers further dax slide

The stabilization of the day before is thus already makulatur again. The losses since the beginning of the borsen-crash in february meanwhile add up to more than 5100 dax-points or almost 40 percent.

"In the meantime, the descent into recession seems inevitable. So the domestic stock market barometer soon reached the 8,000-point mark," said market analyst timo emden. The super disaster would be a scenario similar to that in the euro periphery, where everyday life has virtually come to a standstill. "A standstill in the european economy was allowed to trigger further drastic negative chain effects and cause gross problems for an export nation such as the federal republic of germany."

Strategists at deutsche bank also point to the economic risks posed by the pandemic. Peter hooper spoke of "historically unprecedented events". Growth rates in the first two quarters of this year fell more sharply than at any time since the second world war. At the same time, however, all forecasts are currently subject to a high degree of uncertainty.

At midweek, the mdax fell by 5.51 percent to 17.909.40 points. For the first time in almost four years, the index of mid-cap stocks was below the 20 mark on monday.000 points lower. Europe-wide and in the USA, the situation did not look any better than here in germany: the euro zone’s leading index, the eurostoxx 50, fell by 5.72 percent to 2385.82 points. The stock markets in london and paris also closed very weak. In the USA, the dow jones industrial lost 7.4 percent at the close of european trading.

Once again, there were mainly losers: MTU shares fell by 15.7 percent at the end of the dax, losing almost 60 percent since the beginning of the crash. The increasing suspension of international air traffic due to viruses is having a severe impact on the engine manufacturer. Airbus shares fell by 21.6 percent on the mdax, where they were the biggest losers.

German bank shares, meanwhile, held steady at minus 0.1 percent. Shares in commerzbank fell by a comparatively moderate 1.4 percent. However, like the shares of deutsche bank, they had only fallen to a record low on monday. In future, german financial institutions are to be able to access a capital buffer for times of crisis.

Among car manufacturers, BMW shares lost 3.0 percent. The munich-based company is suspending production in europe for four weeks due to the virus crisis and now expects weaker sales and lower profitability in 2020 than before.

By contrast, consumer goods manufacturers henkel, up 1.7 percent, and beiersdorf, up 6.1 percent, successfully bucked the downward trend. In the mdax, shares in copper producer aurubis narrowed their heavy losses to just 1.1 percent after a share buyback program was announced.

The rise in the price of heidelberger druck shares, which had to leave the sdax after the close of trading on friday, was also impressive. They jumped 12.5 percent after the hard-hit printing press manufacturer announced plans to reduce its debt with the help of a powerful cash injection and discontinue loss-making products. The shares of store apotheke, one of the beneficiaries of the corona crisis, rose by 3.4 percent.

The bond market saw a veritable sell-off, with the rex bond index falling 0.64 percent to 144.07 points. The current yield rose accordingly from minus 0.50 percent on the previous day to minus 0.36 percent. The bund future fell by 1.37 percent to 168.70 points.

The euro also continued to depreciate and was trading at 1.0811 U.S. Dollars by the end of the day. The european central bank previously set the reference rate at 1.0934 (tuesday: 1.0982) dollars. The dollar thus cost 0.9146 (0.9106) euros.