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DAX 30 Drops from Opening Gain in Morning Trade

Deutsche Boerse arrests slide on LSE merger worries

DAX 30 Drops from Opening Gain in Morning Trade

Despite a generally sluggish Monday for European equities markets yesterday, Germany’s DAX 30 managed to record a modest 0.16% gain yesterday. The index opened up this morning after Wall Street’s major averages finished their Monday session marginally to the good. The S&P 500 and Dow Jones finished up by 0.1% each, setting new record highs in the process, while the Nasdaq recorded a 0.3% gain. Asian indices closed mixed this morning after losses over the later part of the day pulled them down, some below the breakeven line. Donald Trump’s address to Congress today in the U.S. will be looked to for clarification on his administration’s fiscal stimulus plans.

The DAX 30 is currently flat at midday after bouncing back up from a morning fall that took it into negative territory from its opening gain. Yesterday’s big faller was Deutsche Boerse, which lost over 4% on news that its proposed merger with the London Stock Exchange may be on the verge of falling apart. LSE released a statement on Monday that its board could not agree to EU demands that it sell its 60% stake in MTS, a fixed-income trading platform. The company stated that the most recent requirement given as a prerequisite for EU regulatory approval of the merger was ‘disproportionate’ and would not be in the interests of the company’s shareholders. So far today, however, the slide has not continued and Deutsche Boerse is up 0.36% at present.

While there are more risers than fallers on the DAX 30 today, gains have been relatively modest, the highest of which is currently Deutsche Bank’s 1.2% return. Elsewhere in the financial sector, Commerzbank is up 0.59% and insurer Allianz by 0.25%. Other gainers so far today include Fresenius Medical, up 0.67% and mass media holding Prosiebensat 1 Media, up 0.64%.

Among the automakers, Volkswagen is just above flat, up 0.04%, while BMW and Daimler are both down, 0.37% and 0.63% respectively. The one bigger fall at the time of writing has been sustained by semi-conductor manufacturer Infineon Technologies, which is down 2.15%. Bayer is also down, by 0.62% and Linde, another chemicals company, by a similar 0.65%. Steel maker ThyssenKrupp has so far lost 1.18% over the course of Tuesday trading.

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