On Wednesday morning, the DAX opened with a modest uptick after the steep declines of the past days. By about 9:30 a.m., the index was calculated at roughly 23,875 points, a 0.4 % rise above the previous day’s close. Leading the gains were SAP, Infineon and Munich Re, while the lower end of the list saw Adidas, Bayer and Continental trailing.
Thomas Altmann of QC Partners weighed in on the market mood, noting that investor nervousness is mounting. He added that the number of shareholders who either want to sell or must sell is increasing, and that trading volume for the DAX yesterday was 67 % above its 12‑month average. Yesterday’s session also broke two key technical barriers: the psychologically significant 24,000 point level and the 200‑day moving average. Many traders and technical models base decisions on the 200‑day line, so falling below it likely pushed several participants out of the market.
The euro was a touch stronger on Wednesday morning. One euro was worth 1.1618 US dollars, which translates to roughly 0.8607 euros per US dollar.
Meanwhile, oil prices rose sharply. Around 9:00 a.m. German time, a barrel of North Sea Brent crude fetched about 83.86 US dollars-a 3.0 % increase from the close of the previous trading day.
