The German benchmark index opened the Friday morning session on a friendly note. By 9:30 a.m., the DAX had been calculated at roughly 24,480 points, up 0.7 % from the previous day’s closing level.
Thomas Altmann of QC Partners noted that this was the first trading day since September in which the DAX fell more than two percent. While the index hit a new annual low, trading volume reached a new yearly high, indicating that buyers continue to enter the market even on falling days. The threshold at which new investors step in, however, is creeping downward.
Today marks the end of the first month of 2026 on the German exchanges. It remains unclear whether the DAX will finish January in positive or negative territory, although a year ago the index had opened the year with a 9.2 % gain.
A key data point for German investors today is the preliminary inflation rate for January. Estimates show that prices were flat in January, yet the year‑on‑year rate has still risen because a year earlier prices had dropped 0.2 %. This suggests that inflation is likely to stay around the ECB’s target of 2 %.
German GDP for the fourth quarter is also set to be released, and many estimates predict that the German economy will finish 2025 with modest growth.
Risk sentiment appears to be easing, a trend also visible in Bitcoin’s performance. Yesterday’s 11 % fall was the largest decline of the year so far. Euro‑denominated investors suffered even more, as the Bitcoin price, quoted in dollars, suffered additional losses due to a weakening dollar. In euros, Bitcoin has fallen 37 % from its all‑time high in October and is now priced similarly to its steep sell‑off in April, according to Altmann.
The euro was weaker on Friday morning: one euro exchanged for 1.1937 US dollars, and one dollar was worth 0.8377 euros.
Gold moved strongly to the downside, trading at 5,163 US dollars per troy ounce – a drop of about 4 % – which translates to 139.05 euros per gram.
Brent oil also fell noticeably; at about 9 a.m. German time, a barrel of North Sea Brent was priced at 69.65 US dollars, down 1.5 % (106 cents) from the previous day’s close.
