30 Central European Time-roughly 0..4 % below the previous day’s close. SAP shares were among the hardest hit, falling steeply in the two‑digit range after the software group announced strong revenue and earnings growth but fell short on its cloud‑product order pipeline.
Attention in the market was also drawn to the U.S. Federal Reserve’s recent statements. Eckhard Schulte, chairman of MainSky Asset Management, noted that the Fed has toned down its emphasis on labor‑market risks compared with December and highlighted an improved growth outlook. He added that the signal is clear: “Interest‑rate cuts scheduled for March or April are no longer on the table”. Schulte suggested that Chairman Jerome Powell appears unencouraged by the strained relationship with the U.S. President, indicating no plans to soften policy.
In the voting sessions, a debate arose over the Fed’s leadership succession. Christopher Waller, a chief contender for the chair, and long‑time rate‑cut advocate Stephen Miran both voted for deeper cuts. Whether Waller’s vote was a strategic move to boost his own chances remains speculative. Market‑making firm Polymarket reflected this shift: Waller’s odds increased sharply from 8 % to 15 % once the votes were revealed.
The Fed has refrained from commenting on the recent dollar weakness, a typical stance since currency levels are not a policy target. Yesterday, Treasury Secretary Scott Bessent publicly supported the dollar after Donald Trump praised the currency’s recent slide. Analysts predict that the upcoming nomination of a new Fed president could pressure the dollar short‑term, as the debate over the central bank’s political independence will likely resurface.
On the currency front, the euro was slightly stronger on Thursday morning. One euro equated to 1.1975 U.S. dollars, and one U.S. dollar was priced at 0.8351 euros.
Gold benefited from the day’s conditions, trading at $5,519 per troy ounce-an increase of 1.9 %. This translates to approximately €148.18 per gram.
Oil prices rose noticeably; the North Sea Brent benchmark was quoted at $69.32 per barrel at 09:00 CET, an uptick of 92 cents or 1.4 % from the previous close.
