The German stock market benchmark, the DAX, opened the trading week with a decline. At the close of Xetra trading, the index registered at 23,909 points, representing a decrease of 0.5 percent compared to the previous day’s closing level.
Market analyst Andreas Lipkow noted that investors largely overlooked disappointing retail sales figures released in Germany. “However, the data concerning German consumer prices, registering a 2.0 percent increase, exceeding earlier expectations of 2.2 percent, offered a slightly more positive outlook” Lipkow stated.
Despite the mixed economic signals, a broader trend of profit-taking appears to be influencing market behaviour. Technology stocks have led the decline, while banking and automotive shares experienced reduced demand. “Investors are currently seeking more substantial evidence to support further bullish sentiment” Lipkow explained. There appears to be a general reluctance to engage with traditionally cyclical sectors.
The Euro strengthened slightly against the US Dollar, reaching 1.1750 USD, equating to 0.8511 EUR per Dollar.
Gold prices benefitted from the trading session, reaching 3,288 USD per fine ounce (+0.4 percent), equivalent to 89.97 EUR per gram.
Conversely, crude oil prices decreased. Brent North Sea crude traded at 67.62 USD per barrel, down 15 cents or 0.2 percent from the previous day’s closing value.
