The DAX began Monday trading weakly. Around 9:30 a.m., the benchmark index was calculated at approximately 25,445 points, marking a 0.7 percent decline from Friday’s closing level. Leading the performance board were Qiagen, Symrise, and Merck, while Vonovia, Continental, and Rheinmetall were at the bottom.
Thomas Altmann of QC Partners noted that oil prices remain a major focus in the financial markets. Brent crude reached a new high of $110 per barrel on Friday. He added that it is becoming clearer that the market should not anticipate a rapid drop in oil prices, mentioning that the June 2027 delivery contract is now trading at $95. Consequently, he views oil prices as one of the primary threats to the global economy.
However, Altmann suggests that market sentiment is set for a recovery on this start to the week. Since Wall Street experienced a significant loss on Friday, today’s dip is viewed as an opportunity to re-enter positions. Besides oil, concerns surrounding artificial intelligence (AI) have recently caused massive losses in the US. The DAX is currently benefiting from its relatively lower weighting in technology stocks during this recovery phase. The next target for the DAX in this current upward trend is the 50-day moving average, currently set at 25,720 points, which is above where the index closed on September 8th.
Regarding currency markets, the European common currency was slightly stronger on Monday morning. The euro traded at $1.1209, while the dollar was quoted at 0.8921 euros.
