When all the reviews of a positive trading week had already been written, the news came shortly before last weekend that no more gas would flow through Nord Stream 1 for the time being. Both the DAX after-hours and Wall Street slumped, having previously taken a positive view of the labor market data.,
As expected, the price of European natural gas jumped on Monday, dragging the stock market down. But investors quickly pushed aside the question of how Germany's economy and households will get through the winter without Russian gas, and the DAX back towards 13,000 points.
Even the European Central Bank's historic decision to raise the key interest rate by 75 basis points ended up moving the stock market less than expected. The DAX swung down and up following the decision but went out of trading almost unchanged.
US Fed Chairman Jerome Powell also reaffirmed the consistent course of interest rate hikes. But here, too, Wall Street remained on course, all negative news seems to be priced in, and an oversold market is trying to turn the corner.
While one part of the investors are avoiding the stock market for the time being with the prospect of further rising interest rates, the other part sees the consistent and concerted fight of the central banks against inflation as a good signal for the future and is grabbing stocks regardless of all the risks.
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