The German stock index began trading on Monday with losses. Around 9:30 AM, the market leader was calculated at approximately 24,395 points, reflecting a decline of 1.2% compared to the closing levels recorded on Friday. Leading the list of performers were RWE, Eon, and Commerzbank, followed by Siemens Energy, Deutsche Bank, and SAP.
Commenting on the market, Jochen Stanzl, Head Market Analyst at Consorsbank, noted that ongoing tensions surrounding the opening of the Strait of Hormuz threaten to increase volatility at the start of the week. He observed that investors are expecting the Strait of Hormuz to be closed again as part of ongoing negotiations, and predicts that the situation will not proceed without setbacks. As long as Iran continues to fire at vessels and the uncertain deadline for a ceasefire approaches, market nervousness is unlikely to diminish.
In currency markets, the Euro was stronger at the beginning of Monday. The exchange rate saw the Euro cost $1.1771, meaning that the US dollar could be acquired for 0.8495 Euros.
Oil prices also saw a rise. Around 9:00 AM Central European Time, a barrel of North Sea Brent crude oil cost $95.01, representing a 5.1% increase from the close of the previous trading day.
