On Wednesday, the DAX experienced a slight decline. At the close of trading on Xetra, the index settled at 26,091 points, marking a decrease of 0.1 percent compared to the previous day’s closing level. Throughout the day, the DAX traded around Tuesday’s closing value.
In terms of company performance, shares of Volkswagen, SAP, and BASF led the gainers, while Rheinmetall and Infineon recorded the steepest losses. This market pressure appears partly fueled by the currently elevated yields on 30-year US bonds, which are putting pressure on the stocks of large corporations that have recently benefited heavily from optimism surrounding Artificial Intelligence (AI), particularly semiconductor companies like Infineon.
Shifting to commodities, the price of gas fell. A megawatt-hour (MWh) of gas for September delivery cost 63 euros, which is a 1 percent drop from the previous day. If the price level remains stable, this implies a consumer price of at least around 11 to 13 cents per kilowatt-hour (kWh), including taxes and additional costs.
In contrast, the price of oil rose significantly. A barrel of North Sea Brent crude cost $92.14 on Wednesday afternoon (around 5 PM German time), an increase of 1.2 percent over the previous day’s closing.
The Euro also strengthened by Wednesday afternoon. The currency traded at $1.1660 per Euro, meaning the Dollar was trading at 0.8576 Euros.
