The DAX began trading Monday morning with significant gains. Around 9:30 a.m., the leading index was calculated at approximately 25,055 points, representing a 1.7 percent increase over the previous day’s closing level. MTU, Heidelberg Materials, and Deutsche Bank led the stock performance, while Rheinmetall, RWE, and Deutsche Börse finished strong.
Investors this morning reacted positively to the recent deal between Washington and Tehran. Thomas Altmann of QC Partners commented, “The framework agreement between the US and Iran is established. And the markets are celebrating. This is a major step toward lasting peace.” However, he cautioned that several risks remain. “Specifically, there will still be long and complicated talks concerning nuclear issues,” and Israel’s behavior toward Lebanon will also be crucial. While market participants appear to be overlooking these lingering risks today, the immediate focus on the trading floor is the timely reopening of the Strait of Hormuz.
Meanwhile, the European common currency was slightly stronger Monday morning; the Euro cost $1.1610, and the US Dollar was available for 0.8613 Euros.
Conversely, the price of crude oil dropped sharply. Around 9 a.m. German time, a barrel of North Sea Brent crude cost $83.27-a decrease of $4.06, or 4.7 percent, compared to the end of the previous trading session.
