The German DAX index experienced a significant increase on Wednesday, closing at 24,114 points. This represents a gain of 1.0 percent compared to the previous day’s closing value. Following an initial period of trading in negative territory, the DAX shifted into positive territory during the morning session, with further gains consolidated throughout the afternoon.
Market analyst Andreas Lipkow attributed the upward trend partially to the prospect of a resolution in the ongoing dispute between pharmaceutical companies and the United States. This anticipated agreement has bolstered the stock values of European pharmaceutical firms, with shares of Merck and Bayer performing particularly strongly among the DAX winners.
Despite relatively weak European economic data and a slight upward pressure on prices, these factors did not appear to significantly impede the day’s positive momentum.
Throughout the trading day, shares of Siemens Energy and Adidas also saw robust performance, ranking among the top performers on the Frankfurt stock exchange. Conversely, Scout 24 and Rheinmetall shares lagged behind.
In related market developments, natural gas prices decreased. Gas for delivery in November was priced at €31 per megawatt-hour (MWh). This pricing suggests a consumer price of at least eight to nine cents per kilowatt-hour (kWh), inclusive of taxes and surcharges, should this level remain consistent.
Crude oil prices also registered a notable decrease. Brent crude, a benchmark for North Sea crude, was trading at $65.30 per barrel around 17:00 German time, a decrease of 73 cents or 1.1 percent compared to the previous day’s closing.
The Euro weakened slightly during the afternoon, trading at $1.1725; the US dollar was correspondingly priced at €0.8529.
