Trading in Frankfurt saw an initial positive start on Monday, but the momentum faded by midday, with the DAX index partially relinquishing earlier gains. Around 12:30 PM local time, the benchmark index was calculated at approximately 24,285 points, representing a marginal increase of 0.3 percent compared to Friday’s closing level.
Infineon, MTU and Sartorius led the performance on the upward trajectory, while BMW, Volkswagen and Rheinmetall registered among the weakest performers.
Market analyst Andreas Lipkow noted investor reservations regarding the recently reached agreement between the European Union and the United States. He suggested concerns centered on perceived imbalances within the deal, potentially impacting the European economy. Lipkow highlighted what he described as a significant asymmetry, impacting the character of the arrangement and indicating concessions made by European trade representatives. The perceived de-escalation of the trade conflict between Europe and the U.S., according to Lipkow, is now exerting considerable pressure on the share prices of German automotive companies.
The euro weakened slightly during midday trading, reaching a rate of 1.1667 US dollars, effectively pricing a dollar at 0.8571 euros.
Meanwhile, oil prices rose; Brent crude from the North Sea traded at approximately $69.10 per barrel, a 66-cent increase, or a 1.0 percent rise, compared to the previous trading day’s closing price.
