On Thursday morning the DAX began trading with a modest uptick. At about 9:30 a.m. the benchmark index was calculated at roughly 24 620 points, 0.1 % above yesterday’s closing level. Leading the performance list were Deutsche Börse, Zalando and SAP, while the weakest performers were Rheinmetall, E.ON and Hannover Re.
A key focus for the day was the ECB’s decision on interest rates. Most analysts anticipate that the European central bank will keep its rates unchanged. Alongside this, investor uncertainty has risen sharply. “We’re dealing with an extremely uncertain and nervous market right now” said Thomas Altmann of QC Partners. He noted that political risks are already high and that concerns over the lofty valuations of the AI sector are growing. Meanwhile, the traditional safe haven of precious metals appears less reassuring than before.
Altmann added that many investors are fleeing risk‑weighted assets. Those who had purchased on margin are now being forced into liquidations, and others are compelled to sell assets in order to meet margin calls. “This sell‑off can sweep a large portion of the market” he warned.
The previous trading day was the most volume‑heavy of the year for the DAX, indicating that many traders exited their positions. Yet the market analyst noted that buyers were still found even after noticeable price falls. The buying threshold may gradually move lower, but as long as there are buyers, a significant downturn seems unlikely.
The euro was somewhat weaker than on Thursday morning: one euro fetched 1.1806 U.S. dollars, while one U.S. dollar would purchase 0.8470 euros.
Meanwhile, oil prices fell considerably. At about 9:00 a.m. German time, a barrel of Brent crude fetched $68.33-$1.13, or 1.6 %, less than the previous close.
