European markets experienced a muted start to the week, with Germany’s DAX index trading lower Monday morning. Around 9:30 AM local time, the benchmark index was calculated at approximately 24,250 points, representing a 0.5 percent decrease from Friday’s closing level. Despite the overall downward trend, shares of Rheinmetall and Commerzbank posted gains. Siemens, RWE and Eon saw the most significant declines.
Market analyst Thomas Altmann of QC Partners noted that following positive sentiment generated by Jerome Powell’s speech in Jackson Hole on Friday, other factors were now influencing trading. He specifically cited the lack of progress towards a resolution in the Ukraine conflict as a key contributor to the shift in market mood. The initial enthusiasm observed over the weekend had already begun to dissipate, a trend also reflected in the performance of Bitcoin.
The DAX continues to face challenges in sustaining upward momentum. While the all-time high reached in July remains within reach, there appears to be insufficient buying pressure to propel the index further. The German benchmark is lagging behind the pace of Wall Street, with the S&P 500 gaining 4.2 percent in the second half of the year compared to the DAX’s 1.9 percent increase.
The Euro weakened slightly in early trading. As of Monday morning, one Euro was valued at 1.1716 US dollars, while one US dollar fetched 0.8535 Euros.
Brent crude oil prices experienced a modest increase, trading at approximately 67.77 US dollars per barrel around 9:00 AM German time-a 0.1 percent rise from the previous trading day’s close.
