The DAX opened the trading day on Thursday with a positive tone. By about 9:30 a.m. the benchmark index was calculated at roughly 24,890 points, which is 1.4 % above the closing level of the previous day.
“Trump volatility is back on the Frankfurt track” said Jochen Stanzl, chief market analyst at Consorsbank. “The extreme rhetoric of the U.S. president follows a familiar pattern: highly‑charged statements are soon followed by more moderate signals, so early losses are quickly recovered”. Stanzl compared the current situation to a similar Trump‑related mechanism seen in negotiations almost a year ago, which also produced a sharp rise in volatility followed by a rebound. “A gold price near $5,000 per ounce still reflects the high geopolitical anxiety among investors”.
Stanzl added that the DAX’s sharp fall is partly due to the prior rise being both fast and steep, occurring with very little hedging. “When confidence is so high, even small changes in news can trigger large losses” he said. “Now the DAX has been trimmed, and in the coming days we will see whether a breakout above 25,000 points can be sustainable”.
He also noted that a potential IPO for OpenAI could soon shake up the market. “A new financing round suggests an IPO valuation of over $1 trillion, which would be highly successful for OpenAI”. Stanzl cautioned that ongoing AI‑related fears and growing competition from Google’s Gemini and other large language models may lead investors to question the durability of such a valuation. Nevertheless, he sees short‑term potential for a retail‑investor hype around a possible OpenAI IPO, which could buoy tech stocks.
The euro was slightly stronger Thursday morning: 1 EUR bought 1.1688 USD, while 1 USD was 0.8556 EUR. Gold eased a touch, trading at $4,828 per fine ounce in the morning – a decline of 0.1 % – which translates to €132.81 per gram. Brent crude fell to $64.97 per barrel at 9 a.m. German time, a 27‑cent drop or 0.4 % lower than the previous day’s closing price.
