The stubbornly high inflation figures in the USA put stockbrokers in the limbs.

Even more than 20 hours after the publication of the inflation rate of 8.3 percent for August, stockbrokers in Frankfurt could not shake off their fears of the American central bank raising interest rates even more.

After an hour of trading on Wednesday, the Dax lost 0.7 percent to 13,099 points, but later recovered from this daily low.

Hanno Mussler

Editor in Business.

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Energy-dependent chemical stocks such as Covestro and BASF lost the most significantly in the Dax at around 2 percent.

Real estate companies that are heavily dependent on interest rates, such as Vonovia, also underperformed, while shares in Deutsche Bank and Commerzbank were among the few winners.

The forklift manufacturer Kion in the M-Dax disappointed investors with its forecasts published on Tuesday evening.

Kion's share price collapsed by more than 19 percent.

Kion is struggling with disruptions in the supply chains, which would have had a greater impact on earnings in the third quarter than previously thought.

What supports on Wednesday

On Tuesday, the leading index of the Deutsche Börse had already lost more than 700 points within half an hour and closed with a daily minus of 1.6 percent to 13,189 points.

On Wall Street, however, the buying accelerated as trading progressed.

The Dow Jones stock index lost almost 4 percent on Tuesday to 31,104 points, the S&P 500 lost 4.3 percent, the most on a June day in 2020, and the technology-heavy Nasdaq 100 even fell by 5.5 percent to 12,034 points away.

In this respect, the Dax only moderately follows the price losses on Wall Street on Wednesday.

Analysts at Landesbank Hessen-Thüringen (Helaba) said that the overall mood on the stock market, which can be described as friendly, was supported by a renewed fall in gas prices in Europe and comments from central bank circles that the European Central Bank could soon be a little more cautious when raising interest rates.

In fact, since Tuesday, the German stock market has been in a similar downward spiral as the Asian markets.

In Japan, the Nikkei lost 2.8 percent to 27,818 points on Wednesday, but is still slightly up over the week.

In contrast, the American and many European stock indices have erased their impressive gains of the last five days simply in reaction to the new inflation figures in the USA.

Ukraine's military successes and the hope that inflation may have already peaked had ensured a good mood on the stock exchange.

Now came the cold shower.

"Now 100 from the Fed?" Commerzbank overwrites one of its daily reports with an anxious tone, meaning that the US central bank will raise the base rate by a full percentage point at its next meeting on September 20th and 21st.

The Japanese bank Nomura also changed its interest rate forecast and now expects the Fed to raise it by 1 percentage point.

At its last two meetings, the Fed raised its key interest rate twice by 0.75 percentage points, a step never seen in the past twenty years.

If interest rates were to increase by 1.0 percentage point, the range between 3 and 3.25 percent would be reached – unthinkable just a few months ago.

Commerzbank is already looking ahead and soon expects the first interest rate speculation with a 4 before the decimal point - in the short-term maturities for overnight money, mind you.