The German stock market started the new week with slight discounts.

The Dax slipped below 13,200 points and stabilized at 13,185 points, down 0.5 percent on Friday's close.

The biggest daily loser in the Dax in the first few hours of trading was the VW preference share, which lost a significant 4 percent to 129 euros.

The stock market is reacting negatively to the abrupt change of boss from Herbert Diess to Oliver Blume.

Some dealers were critical of the accumulation of offices, since Blume also remains the head of Porsche.

The shares of Merck KGaA, which benefited from a buy recommendation by Bank Jefferies, initially took the lead in the Dax.

Ifo index even weaker than expected

Hanno Mussler

Editor in Business.

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The stock market received no tailwind from the Ifo index, which was published on Monday morning.

According to this, the mood among 9,000 German managers surveyed in July deteriorated more than expected.

The Ifo business climate index fell to 88.6 points from the revised 92.2 points in the previous month, which is the lowest value since June 2020. Previously, only a decline to 90.2 points was expected.

Meanwhile, the sell-off in Uniper stock continues.

Shares in the gas supplier fell another 8 percent on Monday morning to 6.65 euros after falling almost 30 percent on Friday.

Stockbrokers justify the fall in the price with the high dilution of the shares of the previous owners, if the federal government enters as planned with around 15 billion euros.

In the S-Dax, investors obviously did not like the recent acquisition of the automotive supplier Schaeffler.

The stock lost more than percent and was among the biggest price losers in this index together with Norma.

In Switzerland, Bank Julius Baer shares fell slightly by 0.2 percent to CHF 45.60.

The private bank recorded a 26 percent drop in profits in the first half of 2022 compared to the same period last year and only earned CHF 451 million, as announced on Monday morning.

Bär is taking advantage of the collapse in prices of crypto assets and bankruptcies of financial service providers in this business to increase the workforce of his online bank Seba in Singapore from seven to around 20 people.

There was also some movement on the commodity markets on Monday.

Apparently there are doubts about a quick resumption of Ukrainian grain exports, which is driving up the wheat price.

The US futures contract rose 4.5 percent on Monday to $7.935 a bushel of wheat.

The price jump was apparently triggered by the Russian attack on the port facilities in Odessa, Ukraine.

These delivery difficulties, which are driving up prices in the short term, are overshadowed by concerns about a medium-term downturn in the global economy.

For fear of falling demand for crude oil, the price of the North Sea variety Brent fell by almost one percent to $0.23 per barrel.

Fears of an economic slowdown or even a severe recession also kept the Asian stock exchanges in suspense on Monday.

In Japan, the 225-strong Nikkei stock index fell 0.8 percent lower to 27,705 points.

The broader Topix index was down 0.7 percent to 1942 points.

In China, the Shanghai Stock Exchange Index was down 0.2 percent.

The index of the most important companies in Shanghai and Shenzhen lost 0.5 percent.

The American stock exchanges closed slightly lower on Friday.

At the close in New York, the Dow Jones was trading at 31,899.29 points, down 0.43 percent from Thursday.

The broader S&P 500 closed 0.9 percent down at around 3,960 points, the Nasdaq technology exchange calculated the Nasdaq Composite 1.9 percent weaker at around 11,830 points.

The US Federal Reserve is expected to raise interest rates again on Wednesday to combat rampant inflation