The DAX opened on Monday with minimal movement. Around 9:30 a.m., the leading index was calculated at approximately 26,430 points, representing a 0.1 percent drop from the previous Friday’s closing level. Among the top performers were Infineon, Siemens Energy, and RWE, while Scout24, Zalando, and Qiagen concluded the day near the bottom.
Thomas Altmann of QC Partners noted that equity markets remain remarkably relaxed despite the stalled situation in the Gulf. Initially, the expectation of the Strait of Hormuz reopening was the main driver behind the price increases. “The disappointment over the failure of the opening has not yet been factored into the prices. Oil prices remain high, which threatens a significantly higher damage to the global economy through long-term elevated energy costs,” he commented.
While the DAX had recently recorded four consecutive weeks of gains, the last extended winning streak occurred between December and January. Altmann warned that although the majority of that recent price increase was achieved with relatively low trading volumes, “the onset of profit-taking could quickly become a threat to this rally.”
Meanwhile, the European common currency showed strength this Monday morning: the euro traded at $1.1604, meaning the dollar cost 0.8618 euros.
The price of oil, however, decreased. Around nine a.m. CET, a barrel of North Sea Brent crude was priced at $88.30, a drop of 22 cents, or 0.3 percent, compared to the close of the preceding trading day.
