Mid-day trading on Wednesday saw the DAX maintain a narrow negative trajectory following a cautious opening. Around 12:30 PM local time, the index was calculated at approximately 24,120 points, representing a decrease of 0.1 percent compared to the previous trading day. Leading performers included Porsche, Siemens Healthineers and Beiersdorf. Conversely, shares of Zalando, Deutsche Bank and Commerzbank experienced the most significant declines.
Market analyst Andreas Lipkow noted that investors are currently assessing the political situation in France in relation to the Eurozone. He also highlighted a developing dynamic in the relationship between the US administration and the Federal Reserve. “While it remains unlikely that the US President will be able to directly influence the FOMC, the uncertainty surrounding attempted influence is impacting the external value of the US dollar” Lipkow explained.
Banking and insurance stocks again showed a weaker trend mid-week, with notable profit-taking observed following substantial gains in recent months. “The market environment remains cautious ahead of the quarterly earnings report from US technology giant Nvidia” Lipkow added.
The European common currency weakened slightly on Wednesday: One euro was worth 1.1586 US dollars, meaning one dollar was equivalent to 0.8631 euros.
Meanwhile, the price of oil edged down slightly: A barrel of North Sea Brent crude cost $67.19 around 12:00 PM German time, down 3 cents, or 0.0 percent, from the previous day’s close.
