The DAX, after a very strong start at the opening of the trading day, gave back most of its gains by midday. At about 12:30 p.m. German local time the benchmark index was calculated at roughly 24,850 points, which is 0.2 % above the previous day’s closing level.
At the top of the list of individual stocks were Daimler Truck, Siemens Energy and Deutsche Post; at the bottom, Zalando, Merck and SAP slipped to the bottom of the range.
Market analyst Andreas Lipkow said, “The situation in international financial markets has calmed down again, and trading volatilities are easing, not just on commodity markets. The recent price swings were a bit too much and challenged many investors heavily”. He added that, at least in the short term, the focus will return to the earnings season and forthcoming macro‑economic data. “Moreover, the geopolitical tension between the United States and Iran is easing somewhat, signaling a return to more short‑term predictability. Still, it remains interesting because the geopolitical pendulum could swing quickly in the medium term again” he noted.
The euro edged slightly weaker at mid‑day. One euro bought 1.1790 U.S. dollars, which means one U.S. dollar was worth 0.8482 euros.
Oil prices fell modestly: at 12:00 p.m. German time a barrel of North Sea Brent fetched $66.28, down 2 ¢, or essentially unchanged, compared to the closing price the previous trading day.
