DAX faces a slow start: Commerzbank, Daimler Truck and Volkswagen in focus

The DAX is likely to fall back to its previous day’s low on Thursday with slight losses. The broker IG estimated the German leading index to be 0.3 percent lower at 18,545 points two and a half hours before the start. The day before, it had temporarily corrected to 18,531 points in the wake of a slide in US tech stocks, after quickly rising to 19,000 points on Tuesday.

The weekly highlight, the US labor market report on Friday, is getting closer and closer. Investors are eagerly awaiting the signals for US interest rate policy for the rest of the year. The labor market should not be too weak, but also not too strong. Because a labor market that is too strong is more likely to indicate only slow interest rate cuts, while a weaker jobs report would fuel economic concerns. On Wednesday, there were mixed signals from the US labor market: the number of vacancies fell to its lowest level since January 2021 in July. ADP data from the private sector on Thursday afternoon will provide another foretaste of the official jobs report.

Investors are nervous and are afraid of taking risks. Stephen Innes of SPI Asset Management is reminded of the weak start to August. Seasonally, September holds the title of the next month on the stock market, and August is not far behind. The current development also fits into the historical picture.

The focus of attention is of course on the car manufacturer Volkswagen, which is sticking to the plans to close factories. Chancellor Olaf Scholz (SPD) has now also become involved in the crisis at VW. A government spokesman said in Berlin on Wednesday that Scholz had spoken to management, the chairmen of the group’s works council and members of the supervisory board. The Chancellor is aware of the importance of VW as one of the largest companies in the automotive industry. He is aware of the challenge of transformation facing the entire industry. Scholz will follow developments very closely. It is up to the company to solve the problems, as the federal government is not interfering.

Meanwhile, Daimler Truck announced the change in management on Wednesday evening. Karin Radström is replacing Martin Daum as CEO. The 45-year-old Swede will take over the management of the commercial vehicle giant from October. Daum is leaving early. These are the details.

Things are likely to remain just as exciting at Commerzbank. Around 16 years after the start of the financial crisis, the state will gradually divest its stake in the bank. The federal government is planning a limited first step in selling shares, according to the Ministry of Finance. It is not clear when the federal government will pull out completely. However, it is a long way from being a profitable deal.

On Tuesday evening, the Federal Finance Agency announced that the federal government was planning to exit Commerzbank. As a first step, the federal government will reduce its 16.49 percent stake in Commerzbank, which it holds through the Financial Market Stabilization Fund (FMS).

With material from dpa-AFX