FRANKFURT (dpa-AFX) - Data from the US labor market dampened sentiment on the German stock market on Wednesday. Peter Graf, Chief Investment Officer at Amova Asset Management Americas, commented that the report was filled with positive surprises and "should dispel recent concerns about growth." However, he noted that it puts the designated Chairman of the US Federal Reserve, Kevin Warsh, in a difficult position. "It will become even harder to convince FOMC members to follow the US President's directive to lower interest rates." Analyst Ralf Umlauf from Helaba also sees the data as a "setback for interest rate cut expectations."
The DAX ended the day down 0.53 percent at 24,856.15 points, after briefly testing the 25,000-point mark in the afternoon. Ultimately, the leading index remains below its record high of just over 25,500 points reached in January. In contrast, the leading index of the eurozone, the EuroStoxx, performed better, slipping 0.19 percent to 6,035.64 points after hitting a record high on Tuesday.
The MDAX of mid-cap stocks in Germany fell 1.07 percent to 31,618.89 points. Leading indices in the United Kingdom and Switzerland posted gains. In the US, the major indices showed little change by the close of European trading after some volatility throughout the session./ck/he
