War knows only losers.

At the latest since new horror stories and terrible pictures have been coming in from the Ukraine every day, everyone should have understood that.

Only Vladimir Putin seems to remain unmoved.

And in his environment, no one (yet) dares to finally take the reins out of his hands.

In view of the humanitarian suffering in Ukraine, what is happening on the stock market seems very irrelevant.

But the violent price movements, in which many share prices have fluctuated up and down since the beginning of the war, then of course also bring the consequences for investors into focus.

Tim Kanning

Editor in Business.

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For two weeks now, the Russians have been raging in Ukraine and, in return, the West is gradually isolating them from the international community and the world economy.

If you look at how the individual Dax values ​​have developed in these two weeks, it becomes clear that the war on the German stock exchange almost only has losers.

So far, Deutsche Bank and the automotive supplier Continental have been particularly hard hit.

Both companies have lost a good quarter of their market value since the war began on February 24.

Auto industry hit hard

It didn't help Deutsche Bank that it promised its shareholders higher profitability and, above all, higher dividends for the future this Thursday.

And it didn't help much that the bank referred to its rather manageable business in Russia.

The conflict with Russia could simply have too many negative consequences for banking: from rising loan defaults to a delayed turnaround in interest rates.

Continental not only has a plant in Russia itself.

The automotive industry as a whole is being hit by high energy prices, possible supply bottlenecks for raw materials and finally a possibly declining mood to buy.

In addition to Conti, the big car companies are among the biggest price losers in the last two weeks of the war.

BMW, Porsche and Volkswagen all lose more than a fifth of their stock market value.

At Mercedes there is a minus of 19 percent on the list of prices.

While the Dax shrank by 7 percent overall in the two weeks with high fluctuations, only four of the 40 individual stocks were able to record price gains during this time.

The shares of Siemens Energy rose particularly strongly, by 16 percent.

The producer of power plants and wind farms could benefit from the reorientation of the European energy supply, so investors hope.

Bayer, Fresenius Medical Care and Linde, whose business is probably considered to be comparatively crisis-proof, are also slightly in the black.