Stock market: SAP shares drag Dax into the red, MTU in demand, oil prices rise

The German leading index can't quite decide on a direction. After a slight gain at the start of trading, the DAX recently slipped almost 0.3 percent into the red to 24,074 points. The MDAX, which represents mid-cap listed companies, closed up 0.3 percent to 30,101 points on Wednesday. The Eurozone's leading index, the EuroStoxx 50, rose 0.4 percent.

On Thursday, investors will be looking ahead to a host of new financial reports from both German and international companies, such as the consumer goods group Beiersdorf and the logistics group Kühne+Nagel. In the US, chip giant Intel, telecommunications group T-Mobile, and automaker Ford, among others, will open their books.

Investors have had a difficult time assessing SAP 's quarterly report and business signals . Initially, the stock market rose by as much as 3 percent early in the morning. However, near the 100-day moving average, it reversed course, recently falling to minus 2.3 percent. However, the Walldorf-based company's shares have recovered by 16.5 percent since the middle of last month, reaching today's daily high of just over €244, while the German benchmark index, the DAX, has gained around 3 percent during this period.

Following an increase in its annual targets, MTU shares have moved into the top ranks of the DAX. They rose by 2 percent to €386.00, simultaneously crossing back above the 21-day moving average, which signals the short-term trend. This represents a gain of almost 20 percent year to date.

The consumer goods group Beiersdorf is suffering from the consumer slump and has been forced to lower its sales forecast again. Its core brand Nivea, in particular, came under pressure from July to September. Shares fell by around 2 percent.

Price gains in defense stocks provided support. Shares of Rheinmetall , Hensoldt , and Renk rose between two and three percent.

Atoss Software saw an increase of around 12 percent. The Munich-based company raised its operating profit expectations.

On Wall Street, the stock markets had already declined yesterday, Wednesday. The Dow Jones Industrial Average closed down 0.7 percent at 46,590 points. The broad-based S&P 500 lost 0.5 percent to 6,699 points, and the tech-heavy Nasdaq fell 0.9 percent to 22,740 points.

The triggers were disappointing business figures and outlooks. Netflix shares fell by more than 10 percent, and Tesla shares fell 3.8 percent in after-hours trading. Apple shares lost 1.6 percent. The price losses come at the start of the reporting season, in which global stock markets are moving away from their recent record highs.

Stock markets in Asia declined for the second consecutive day on Thursday. In Tokyo, the 225 -stock Nikkei index fell 1.3 percent to 48,665 points, and the broader Topix closed 0.5 percent lower at 3,251 points. The Shanghai Stock Exchange lost 0.6 percent to 3,889 points. The index of major companies in Shanghai and Shenzhen fell 0.6 percent to 4,566 points.

Oil prices extended their gains from the previous day on Thursday. Prices benefited from the latest US sanctions against Russian oil companies, which are also expected to result in India processing virtually no Russian oil. Furthermore, the measures are increasing pressure on the Chinese oil industry, a major user of Russian oil.

A barrel (159 liters) of North Sea Brent crude for December delivery cost $64.66 this morning. This was $2.07 more than the previous day. The price of a barrel of US WTI crude for delivery rose by $1.99 to $60.49.

Already on Wednesday, initial reports and speculation about a trade agreement between India and the US, according to which India would gradually reduce its imports of Russian crude oil, began circulating. This has already caused oil prices to rise.

The US government imposed new sanctions on major Russian oil companies on Wednesday evening. In light of Kremlin leader Vladimir Putin 's refusal to end the war against Ukraine, his department is imposing punitive measures against Russia's two largest oil companies, US Treasury Secretary Scott Bessent was quoted as saying in a statement. These companies finance Russia's war machine. According to the department, the sanctions are directed against the Russian state-owned company Rosneft and Lukoil. Subsidiaries of both companies in Russia are also affected.