FRANKFURT (dpa-AFX) - The US interest rate cut did not give the DAX any new momentum on Thursday. This was because the disappointing outlook from SAP's competitor Oracle interfered.
Around two and a half hours before the start of trading on Xetra, broker IG valued the German benchmark index at 24,025 points, down 0.4 percent. The DAX had already stalled somewhat the day before, after rising to almost 24,200 points on Tuesday.
Concerned about the domestic labor market, the US Federal Reserve cut its key interest rate for the third time this year, as expected. It fears risks to employment, so that persistent inflation at elevated levels took a back seat. Wall Street reacted positively to this.
However, the tide turned in neighboring Germany in light of Oracle's disappointing sales and profit figures and the company's announcement of higher investments in the expansion of its AI business. Shares plummeted by more than 12 percent and are likely to weigh on SAP in particular on Thursday./ag/zb
