The German DAX index experienced a shift in momentum on Thursday, moving into negative territory by midday despite a positive opening. Around 12:35 PM local time, the index stood at approximately 24,035 points, representing a decrease of 0.1 percent compared to the previous trading day. Leading gains were Porsche, Siemens and Continental, while shares of Vonovia, Qiagen and Eon registered the most significant declines.
Market analyst Andreas Lipkow noted that investor attention was particularly focused on automotive stocks on Thursday. Following the release of official European automobile sales figures, sentiment within the sector appeared to improve.
“The worst seems to be over” Lipkow commented, while also observing that the 24,000-point mark continued to exert a pull on the overall market. “Sustainable and powerful trading impulses are lacking to move the DAX 40 in either direction”. However, a degree of market breadth was evident among the day’s winners, with the majority of index constituents showing gains.
The Euro strengthened slightly during Thursday midday trading, reaching a value of 1.1655 US dollars. Conversely, one US dollar was valued at 0.8580 Euros.
Meanwhile, oil prices declined. A barrel of Brent crude was trading at 67.74 US dollars around 12:00 PM German time, down 31 cents, or 0.5 percent, from the previous day’s closing price.
