The Dax started trading on Tuesday amid losses. By 9:30 AM, the leading index was calculated at around 25,330 points, a decrease of 0.4 percent from the previous day’s closing level. Among the top performers were FMC, Bayer, and MTU, while Deutsche Bank, BASF, and Daimler Truck were among the biggest losers.
Thomas Altmann from QC Partners noted that while the oil price is currently stagnating at a high level following its recent increase, which is considered good news, the stock markets are awaiting further developments. He added that the gas market situation is significantly more dramatic, stating that natural gas prices have not been this high since 2022.
Following a dip to a two-month low yesterday, the Dax has seen its investors previously focus primarily on the 26,000-point mark. Now, the 25,000 level is drawing increased attention, and analysts are questioning whether it will serve as strong support if further losses occur. Additionally, the 100-day moving average currently sits at 25,230 points. Altmann pointed out that the decline experienced in June ended close to this moving average, though the line itself was positioned lower back then. Overall, he assessed that asserting themselves in the current stock market environment is difficult. According to the analyst, “rising energy prices and increasing interest rates create a vicious cycle that negatively affects future stock prospects in several ways.”
Meanwhile, the European community currency showed some weakness on Tuesday morning. The Euro was priced at 1.1537 US dollars, meaning the dollar was available for 0.8668 Euros.
In commodity markets, the oil price went up. At 9 AM German time, a barrel of Brent crude from the North Sea was priced at 107.50 US dollars, representing a 1.7 percent increase compared to the closing price of the previous trading day.
