FRANKFURT (dpa-AFX) - After a strong previous week on the German stock market, the start of December was unsuccessful. The DAX closed down 1.04 percent at 23,589.44 points, weighed down by weak Airbus shares. The MDAX, which tracks medium-sized German stocks, fell 1.54 percent to 29,475.82 points at the start of the week.
Japan's central bank chief Kazuo Ueda dampened the recently somewhat brighter investor sentiment on Monday. A speech by Ueda was interpreted by the market as meaning that the Bank of Japan could raise key interest rates at its December meeting.
"As far as the German economy is concerned, there is also no reason to be optimistic before the end of the year," noted analyst Christine Romar of broker CMC Markets. She pointed to the stronger-than-expected downturn in sentiment in the manufacturing sector in November.
Airbus shares were down 5.9 percent at the end of trading. At one point, the price drop had even reached almost 11 percent. Due to technical problems in a flight control computer, a software update was necessary for around 6,000 aircraft in the A320 series. It was also announced that Airbus would have to rework fuselage parts on new aircraft—again on the A320 jets, which are now practically only being built in the modernized A320neo version. Although the problems seem to have been largely resolved, the news was not well received on the stock market.
