The DAX opened Tuesday morning with minimal change. By 9:30 a.m., the leading index was calculated at approximately 25,420 points, marking a gain of 0.2 percent over the previous day’s closing level. Infineon, Siemens Energy, and Siemens Healthineers led the stock list, while shares in Fresenius Medical Care, Rheinmetall, and Eon were under pressure.
Andreas Lipkow, Chief Market Analyst at CMC Markets, noted that the prevailing market sentiment has remained largely unchanged since the start of the week. He observed that while investors repeatedly weigh the known contributing factors differently, the primary sources of anxiety for the stock market currently remain oil prices, bond yields, and inflation.
Lipkow explained that these three factors are tightly linked. High oil prices fuel inflation concerns, which in turn increase pressure on central banks and drive up yields in the bond market. He stated that until this chain reaction is broken at least in one place, the potential window for a sustainable stock rally remains restricted.
In Asia, developments in the AI sector once again caused nervousness. Particularly, Anthropic’s hints regarding future growth prospects post-IPO have encouraged caution among investors. Following recent doubts about OpenAI’s continued development and worries over the massive investments in AI data centers, the list of unknowns surrounding the AI hype is growing. As a result, both the Nikkei and Kospi reacted with price declines.
In Europe, trading is initially resuming at yesterday’s levels. Hopes for further diplomatic progress in the Middle East are sustaining interest in equities. The stock market currently finds itself in an unusual state of tension: risks are not diminishing, but investors are also not yet willing to withdraw from stocks. Therefore, new momentum requires a specific impetus strong enough to resolve the current impasse.
Lipkow added that today’s agenda is gaining momentum again, driven largely by various sentiment indicators. These indicators could provide further insight into how strongly high energy prices, rising yields, and geopolitical uncertainties are now impacting businesses and consumers.
Meanwhile, the European common currency saw a slight decline Tuesday morning. The euro was trading at $1.1358, while the dollar was available for 0.8804 euros.
Gold prices managed to benefit, with a spot ounce trading at $4,143 in the morning (+0.8 percent), corresponding to a price of 117.29 euros per gram.
Oil prices, however, rose significantly. A North Sea Brent barrel was trading at $106.70 around 9 a.m. German time, representing a 1.4 percent increase from the close of the previous trading session.
