The German benchmark index, the DAX, experienced a subdued start to the trading week, edging into negative territory by midday. Around 12:30 PM local time, the index was calculated at approximately 24,230 points, representing a 0.2 percent decrease from Friday’s closing level.
Vonovia, BASF and Daimler Truck led the performance list, while FMC, Rheinmetall and Airbus trailed at the close.
Market analyst Andreas Lipkow characterized the trading activity as “relatively calm” noting that the number of influencing factors could be counted on one hand, resulting in a narrow trading range of roughly 60 points. He attributed this restrained movement to the ongoing release of US quarterly reports, which are subtly impacting European companies.
“Overall, we’re seeing a classic summer trading pattern, with most investors adopting a cautious, sidelines approach” Lipkow added.
The euro strengthened slightly against the US dollar, trading at $1.1638, with the dollar fetching €0.8593.
Meanwhile, oil prices saw a decline; a barrel of Brent North Sea crude was priced at $68.96, a decrease of 32 cents, or 0.5 percent, compared to the previous day’s closing value.
