On the US stock exchanges, the technology stocks in the Nasdaq have fallen significantly more than the industry-heavy Dow Jones index. This also confirms the forecast by sentiment expert Stephan Heibel after evaluating the Dax-Sentiment survey by the Handelsblatt. “I would invest very cautiously in the coming weeks and prefer defensive stocks,” he said on Monday.

From a technical point of view, the situation on the German stock market has clearly deteriorated. Investors should currently focus their attention on the underside. The Frankfurt benchmark slipped below last week’s low of 14,027 points.

The next important stop on the bottom is 13,680 points. There lies the normal correction of the upside from March 7th to 29th, which ranged from 12,438 points on the downside to 14,925 points according to technical analysis. Normal correction means a fall from the peak by 50 percent of the previous rise.

US bond market crash

Today’s topic is the US inflation rate for March. A new 40-year high above the eight percent mark is expected on the market. Because there is also a sell-off mood on the bond market. Since March 1, the US 10-year Treasury yield has shot up from 1.71 percent to 2.82 percent.

Since the yields develop inversely to the prices of such US bonds, there was a quasi-crash for these papers, which are supposed to be a haven of security. The prices of US bonds with a term of ten years fell from 101 percent to 91.89 percent during this period – a loss of more than nine percent within six weeks. Such a development takes several years at normal times on the bond market.

At the same time, securities with short maturities yield higher returns than those with longer maturities. That’s unusual because investors typically demand a higher yield the longer they commit, and is thought to portend a recession.

Today’s US inflation data, which will be released at noon, should also have a major impact on German government bonds. Yields on both 10- and 5-year Bunds hit their highest levels since 2014 yesterday, Monday. A ten-year federal bond currently brings 0.858 percent, a five-year 0.65 percent. How far do yields have to rise before German government bonds become exciting again for many investors?

But where is all the money going? The only beneficiaries right now are gold and silver. The price for a troy ounce (31.1 grams) of the yellow precious metal is currently 1958 dollars, silver costs 25.21 dollars. The price of gold has thus broken out of its trading range that has existed since mid-March and at times rose to a four-week high of almost $1,970. Gold continues to defy rising bond yields and real interest rates.

“The motto ‘cash is king’ seems to apply to most at the moment,” says capital market expert Thomas Altmann. That in turn gives hope. “Given the fact that there are still penalty interest rates for holding cash in the euro zone, this situation should not last for too long.”

Brent oil price is trading at around $100

The first easing of the corona restrictions in the Chinese financial and economic metropolis of Shanghai are alleviating concerns about demand on the commodity market. The price of Brent crude oil from the North Sea has risen by around two percent to $100.51 per barrel. “The oil market is still vulnerable to a major shock if Russian energy is sanctioned, and that risk remains on the table,” said Edward Moya, market analyst at brokerage firm Oanda.

However, the Brent price has fallen more than 30 percent since early March. At that time, a barrel was traded at $ 139.13 in the meantime.

Bitcoin slips below $40,000 mark

Cryptocurrency bitcoin continues its slide, slipping below $40,000 on Monday night, down nearly 10 percent from Sunday night’s high of $43,500. Bitcoin is currently trading at $40,147. The performance of the cryptocurrency market appears to be broadly following that of the stock markets.

Look at individual values

Deutsche Bank/Commerzbank: After the US hedge fund Cerberus, the two German financial institutions are losing another major investor. On Monday evening, the investment bank Morgan Stanley offered two blocks of shares in the two major banks, each of more than five percent, from the same investor. They should bring him a total of 1.75 billion euros.

The bank did not name the seller. However, only the US asset managers Blackrock and Capital Group have reported stakes in Deutsche Bank and Commerzbank of this magnitude.

According to the commissioned bank, 116 million Deutsche Bank shares are to be sold at a price of at least EUR 10.98, which is almost eight percent less than the Xetra closing price on Monday. 72.5 million Commerzbank papers are to be placed for EUR 6.55 each, a good six percent below the closing price.

The discount is relatively high, in many cases the discount is five percent. Accordingly, the price of the two shares slipped significantly. Deutsche Bank will lose nine percent, Commerzbank eight percent.

Defense stocks: Armor values ​​were again in demand for the individual values. Shares in the Italian armaments group Leonardo rose by up to four percent. Deutsche Bank analysts upgraded the stock to a buy on expectations of higher defense spending in the company’s main markets. Investors also sensed rosy business prospects at Rheinmetall. The titles led the list of MDax winners with an increase of more than three percent.

Evotec: The Hamburg biotech company grew significantly last year thanks to higher milestone payments from its partnerships. However, the share loses one percent in a weak market environment.

Dermapharm: The Group can look back on the most successful fiscal year in the company’s history. Sales and profit increased significantly. The paper increases 1.7 percent. The drug manufacturer wants to significantly increase the dividend for the past year. The Board of Management and the Supervisory Board propose a distribution of EUR 2.17 (previous year: EUR 0.88) per share,

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