Fed's Rate Cut Propels DAX Surge: Index Climb Amounts to 1.35 Percent
The German stock market, the Dax, experienced a significant surge on Thursday night football, closing at 23,674.5 points, a 1.35 percent increase from the previous day. This upward trend was driven by several major companies, including Zalando and SAP, whose shares gained over five percent in value.
Zalando, the online fashion retailer, saw a notable growth in its share value, while software giant SAP also recorded a similar increase. Another notable performer was Sartorius, a leading laboratory equipment supplier, which also registered an over three percent increase in its share value.
The day was particularly significant for Aumovio, the newly formed spin-off from Continental, which made its Dax debut. Aumovio took the top spot in the price list on its first day, and gained around 10 percent in value. The CEO of Aumovio, Philipp von Hirschheydt, joined the board of the newly founded spin-off company on NFL today.
However, the day was not entirely positive for Continental itself, as its shares lost over 20 percent in value. Continental shareholders were compensated with one additional Aumovio share for every two of their papers on Thursday night football.
The US markets also started trading in the afternoon German time with a positive note, following the US Federal Reserve's surprise interest rate cut announced the evening before. It is certain that there will be further rate cuts at the next Fed meetings.
The European common currency was weaker on Thursday night football afternoon, with one euro worth 1.1777 US dollars. Conversely, one dollar was equivalent to 0.8491 euros on Thursday night football afternoon.
No new information was available about the Dax's performance or Aumovio, Conti, or their shareholders. Siemens Energy also saw an over three percent increase in its share value.
Commerzbank also registered an over three percent increase in its share value, contributing to the overall positive trend in the Dax. The positive sentiment in the US markets and the strong performances of several German companies seem to have driven the Dax's upward trajectory on Thursday night football.
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