The DAX opened positively at the start of the trading day on Thursday. Around 9:30 AM, the index stood at approximately 24,825 points on the Frankfurt stock exchange ticker, marking a gain of 0.3 percent from the previous day.
Following recent attention paid to German economic figures, market participants shifted their focus today to forthcoming US publications. In addition to the second revision of Q2 GDP growth, data on orders for long-lasting goods was expected. Last month, these orders had risen by nearly eight percent, driven by a strong surge in company orders at Boeing. However, Landesbank Hessen-Thüringen commented on the market situation, noting that May orders might see a correction since the aircraft manufacturer Boeing recorded only a small number of new deals. The bank questioned whether orders increased again without the volatile transport sector, adding that for now, there was no broad indication that US industry was suffering from high energy costs or supply chain disruptions.
Further items capturing attention include the weekly initial claims for unemployment benefits, which remain at a generally low level despite recent increases. Helaba also mentioned that private consumption and income data showed positive trends. Crucially, the PCE deflator-which is the Fed’s preferred inflation measure-was a key focus for the US central bank. According to the regional bank, inflation likely increased again in May, suggesting the rate hike goals requested by US President Trump might be challenged.
Meanwhile, oil prices saw significant declines. Brent Crude, a North Sea grade, was trading at $72.93 per barrel around 9 AM Central European Time on Thursday, representing a decrease of 81 cents, or 1.1 percent, compared to the previous trading day’s close.
The Euro was slightly weaker than the day before. One euro traded at $1.1353, while the dollar was available for 0.8808 euros.
