DAX Closes Week Up 0.4% Despite US Tech Downturn
The DAX has seen a mixed week, with initial gains followed by a decline due to the US stock market downturn. Despite this, it ends the week in positive territory, boosted by strong performances from certain stocks.
The German benchmark index, the DAX, closed the week up 0.4 percent at 18,367 points. This positive outcome comes despite an initial impact from the recent downturn in the US stock market, which led to gains followed by a decline since Wednesday. However, the index had recovered by midday, and inflation data from the US did not further affect it.
BASF stocks were among the lowest performers, dropping 2.7 percent due to unexpected sales and profit drops. Meanwhile, Sartorius stocks led the DAX, gaining 6.6 percent. This rise was driven by positive developments such as an agreement between Pfizer and the US government reducing drug prices, which boosted health stocks. Analysts from Deutsche Bank and JP Morgan Chase & Co. also recently adjusted Sartorius's target price upwards with buy recommendations, likely supporting sustained investor interest.
The Euro Stoxx 50 also performed well, up 0.8 percent and standing at 4,849 points.
The DAX ends the week positively, with Sartorius stocks leading the performance. Despite initial setbacks due to the US stock market downturn, the index recovered and was not significantly affected by US inflation data. Looking ahead, no rate hike is expected at the Fed's meeting next week, but a cut in September remains 'on the table'.
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