The DAX index experienced a subdued performance on Wednesday, maintaining a narrow margin above the green after an initially positive start to the trading day. Around midday, the leading index was calculated at approximately 23,875 points, a modest 0.1 percent increase compared to the previous day’s closing level.
Deutsche Bank led the gainers, followed by Porsche and Vonovia. In contrast, Beiersdorf, the cosmetics manufacturer that recently lowered its annual forecast, suffered a significant decline. Zalando and Bayer also registered noticeable losses.
Investors were confronted with a diverse range of quarterly results, according to market analyst Andreas Lipkow. He observed a stark contrast, noting that the real estate and banking sectors were showing signs of recovery, while declining consumer spending was impacting the margins and revenues of retail and consumer goods companies.
The continued weakening of consumer demand was particularly evident in the performances of Zalando and Beiersdorf. Siemens Energy, however, surprised with full order books at its subsidiary Siemens Gamesa and the announcement of a dividend payment. Lipkow also pointed out a tendency for profit-taking in the stock. He anticipates continued calm in trading patterns. A similar sense of consolidation and “summer fatigue” is also apparent in the US markets across various industries.
The euro strengthened slightly against the US dollar, trading at $1.1595, with a dollar equivalent to €0.8624.
Meanwhile, oil prices saw a substantial increase. Brent crude, North Sea grade, reached $68.65 per barrel around midday local time, representing a 1.5 percent increase from the end of the previous trading day.
