The Dax fell sharply by midday on Thursday, following a weak start to the trading day. By 12:30 pm, the leading index was calculated at around 19,990 points, 1.2% below the previous day’s close.
“The big expiration date will likely cast a long shadow today” said market analyst Andreas Lipkow. The 20,000-point range will be in the focus of tomorrow’s settlement. Investors generally remained cautious, trying to defend the year-to-date performance of the Dax in their portfolios. “No easy undertaking in the current market environment.”
“Technology companies are not on investors’ wish lists today. The sought-after stocks are Volkswagen and Porsche. There are speculations that VW is now in a precarious situation due to the potential merger of the major Japanese carmakers Nissan, Honda, and Mitsubishi” said Lipkow.
The European common currency was stronger in the afternoon: one euro cost $1.0411, and one dollar was worth €0.9605.