The German DAX index experienced a decline on Thursday, closing at 24,065 points – a decrease of 0.8 percent compared to the previous day’s closing value. Following a positive start to the trading day, the index shifted into negative territory by midday and continued its downward trend throughout the session.
Market analyst Andreas Lipkow attributed the DAX’s performance, in part, to the release of official US labor market data. He noted the data indicated a solid and robust job market, with initial jobless claims slightly below expectations. “Furthermore, rising personal incomes and a PCE deflator exceeding expectations suggest a discernible tendency toward price increases” Lipkow explained. “This has been hinted at by previous trading days’ data and is currently under observation by the US Federal Reserve.
Within the Frankfurt trading session, Symrise and Heidelberg Materials led the list of top performers until shortly before the market close. Conversely, Adidas, Zalando and Siemens Healthineers were among the lowest-performing stocks in the index.
Meanwhile, natural gas prices saw a slight increase, with a megawatt-hour (MWh) for delivery in September costing 35 euros. This implies a consumer price of at least 8 to 10 cents per kilowatt-hour (kWh), inclusive of ancillary costs and taxes, should this price level remain consistent.
In contrast, the price of oil experienced a significant decrease. Brent crude, a benchmark for North Sea crude, was trading at $72.48 per barrel as of approximately 5:00 PM German time, representing a decrease of 76 cents, or 1.0 percent, compared to the previous trading day’s closing price.
The European currency strengthened during the afternoon trading session. The euro was trading at $1.1438, with one US dollar fetching 0.8743 euros.
