The start of the week saw a significant jump in the Dax. At the close of trading on Xetra, the index reached 25,361 points, marking a 1.0 percent increase compared to Friday afternoon. However, trading volume was notably light.
Andreas Lipkow of CMC Markets noted during the afternoon that energy prices remain the determining factors, influencing the market from two sides. Firstly, they affect inflation trends and consequently shape the future monetary and interest rate decisions of central banks. Secondly, they impact consumer behavior, which directly influences corporate earnings.
Positive economic momentum continued, as the Ifo business climate index for the day came in at 86.6, slightly surpassing the forecasted 86 points.
Shifting to individual stock performance, SAP shares continued to be bought, apparently after investors, who had been too pessimistic about the software giant in recent months, were given a clearer picture by recent quarterly results. SAP was the top performer nearing the Xetra close, gaining 7.5 percent. Scout24 and Zalando also gained around five percent at that time.
Despite positive news, investors remained on the selling side of the market, pushing the stock of Hochtief to the end of the Dax index. The energy providers Eon and RWE, along with Infineon, also saw selling pressure, with all four stocks dropping by about two percent just before the market closed.
Globally, business orders for durable goods in the United States rose by only 0.3 percent, falling below the expected 1.6 percent. Lipkow commented on the overseas situation, stating that weak US economic data currently points toward a moderated interest rate policy by the US central bank, thus reducing rate anxiety. In the foreign exchange market, the European common currency weakened slightly on Monday afternoon. The euro traded at 1.1372 US dollars, meaning the dollar cost 0.8794 euros.
