The DAX began its trading session positively on Wednesday morning. At around 9:30 a.m., the leading index was calculated at approximately 24,065 points, marking a gain of 0.2 percent from the previous day’s closing level.
Andreas Lipkow, Chief Market Analyst at CMC Markets, noted that the DAX is expected to resume its battle with the 24,000 mark today, predicting an interesting catalyst for the trading day. Key focuses include the US Federal Reserve meeting and the European Central Bank’s council session.
The market is particularly anticipating significant comments from the outgoing Chair of the Federal Reserve, Jerome Powell, regarding the state of the US economy and pricing trends. Furthermore, four major technology firms-Microsoft, Alphabet, Amazon, and Meta-are scheduled to release corporate earnings, which have previously served as major pillars supporting the US stock market.
While the situation in the Middle East remains tense and appears unlikely to see sustainable de-escalation, the topic of Iran is gradually becoming less prominent, though it has not lost importance. Lipkow also highlighted that high global oil prices are making negative impacts on economic development increasingly probable.
On the macro data front, the focus today is on US consumer prices, inventories, and the trade balance.
In currency markets, the European common currency was slightly weaker on Wednesday morning, with one Euro costing 1.1704 US dollars, meaning the Dollar was fetched at 0.8544 Euros.
Gold prices showed weakness, dropping to $4,573 per fine ounce in the morning-a decrease of 0.5 percent. This equates to a price of 125.63 Euros per gram.
Conversely, oil prices rose. A barrel of North Sea Brent crude oil cost $112.30 around 9 a.m. Central European Time on Wednesday, reflecting an increase of 0.9 percent compared to the previous close.
