The DAX index in Frankfurt experienced a notable uptick on Thursday, rising by approximately 1.35% to reach 23,674.5. This marks its most significant daily increase since August 4, as it outperformed its regional counterparts. Investors responded positively to the Federal Reserve's decision to reduce interest rates by 25 basis points and the suggestion of a possible two additional cuts before the year concludes. Concurrently, the Bank of England maintained its interest rate levels, aligning with market expectations.
In terms of corporate performance, technology firms, retailers, and pharmaceutical companies led the way with impressive gains. SAP emerged as a leading performer, posting a 5.4% rise, with Infineon Technologies also showing strength with a 3.2% increase. Zalando saw a surge of 5.3% following the announcement that major shareholder and supervisory board member, Anders Holch Povlsen, acquired shares worth over €6 million. Conversely, Continental experienced a steep decline, dropping nearly 22%. This downturn coincided with its auto-parts subsidiary, Aumovio, starting to trade on the Frankfurt Stock Exchange at €35 per share today. In accordance with DAX regulations, this new entity was included in the index for a single day alongside its former parent company.
