European markets experienced a mixed session on Thursday, with Germany’s DAX index closing marginally lower at 24,040 points, a slight decrease from the previous day’s closing value. The index initially opened positively but shifted into negative territory around midday, with a brief recovery in the afternoon before ultimately settling lower.
Market analysts attribute the subdued performance, in part, to robust economic data released from the United States. The US economy grew at an annualized rate of 3.3% in the second quarter, exceeding expectations. Initial jobless claims also came in lower than anticipated, painting a picture of continued resilience in the American economy. However, this strength introduces uncertainty regarding the pace of future interest rate reductions by the US Federal Reserve, with September potentially seeing a 25 basis point cut.
Shares of Siemens and Sartorius performed strongly throughout the day, leading the gainers. Conversely, Qiagen shares were among the worst performers on the DAX.
Commodity markets also saw downward pressure. The price of natural gas decreased by 2%, closing at €23 per megawatt-hour (MWh) for September delivery. This price suggests a consumer price of approximately 8-9 cents per kilowatt-hour (kWh), including additional costs and taxes, if sustained. Brent crude oil futures also declined, trading at $67.74 per barrel, down 0.5% from the previous close.
In currency markets, the Euro strengthened against the US dollar, reaching 1.1665 USD. This equates to 0.8573 EUR per US dollar.
