The Dax index began Thursday’s trading session with minimal change. Around 9:30 AM local time, the leading index was calculated at approximately 24,290 points, representing a gain of around 0.1 percent from the previous day’s closing level. Rheinmetall, MTU and Siemens Energy led the gainers, while Symrise, Adidas and Beiersdorf were among the worst performers.
Attention is now turning to Wyoming, as the annual central bank symposium in Jackson Hole commences today. According to Thomas Altmann of QC Partners, the highlight of the symposium will undoubtedly be the speech delivered by Federal Reserve President Jerome Powell. Investors, however, will have to wait until Friday afternoon for this address, with many hoping for concrete indications regarding a potential interest rate reduction in September.
“The Dax remains in a holding pattern” Altmann added. Trading volume has been significantly below average over the first three trading days of this week. “This demonstrates a certain uncertainty about the future direction and a fear of positioning oneself incorrectly” the market expert noted. The difference between this week’s high and low currently stands at a mere 224 points-a range of less than one percent over three trading days. “This reflects a complete lack of momentum and direction for the German leading index.
The European common currency was slightly weaker on Thursday morning, trading at 1.1642 US dollars per euro. Conversely, one US dollar was worth 0.8590 euros.
Oil prices, meanwhile, were on the rise. Around 9:00 AM Central European Time, a barrel of Brent crude oil cost 67.44 US dollars-an increase of 60 cents, or 0.9 percent, from the previous day’s close.
