The DAX continued its ascent on Tuesday. At the close of trading on Xetra, the index stood at 25,464 points on the Frankfurt exchange floor, marking a 0.4 percent increase from the previous day’s closing level.
Contributing to general market optimism were decreasing energy prices, fueled by the current relative calm in the Iran conflict. The price of a barrel of Brent crude from the North Sea was $85.73 on Tuesday afternoon around 5 PM German time-a decrease of 263 cents, or 3.0 percent, compared to the previous day’s close. This trend gives investors hope that inflation rates will not continue to rise and that central banks will refrain from further interest rate hikes.
SAP and Zalando shares led the gains on Tuesday, soaring by approximately five percent just before the market closed. Conversely, shares in Siemens Energy were sold off, declining by about seven percent at the same time, while Infineon stock was priced approximately six percent lower.
Meanwhile, the European currency strengthened on Tuesday afternoon. The Euro was trading at $1.1396 against the US dollar, meaning the dollar was available for 0.8775 Euros.
