30 am, a 0.2 percent decline from the previous day’s close. Rheinmetall, Deutsche Bank and RWE led the list of top performers, while Siemens Energy, Heidelberg Materials and Infineon ended the day in the lower ranks.
“After the initial election euphoria yesterday, the markets are now going back to their daily routine” said Thomas Altmann of QC Partners. For further positive course impulses, the designating new Chancellor must now quickly form a business-friendly coalition.
“Considering the current international weakness in the stock market, a new all-time high seems hard to achieve, even though the Dax is only two percent short of it” Altmann said. “And that, despite the fact that investors reacted very positively to the election results yesterday, which can be seen in the volatility indices. In February, the Dax’s volatility index stood at three points above the Euro Stoxx 50’s. On Monday, the volatility expectation of the Euro Stoxx 50 was higher for the first time. ‘That’s also a sign of the return to normality,’ Altmann said.
The European common currency was slightly stronger in the morning, with one euro costing 1.0474 US dollars and one dollar being worth 0.9547 euros.
Meanwhile, the oil price rose, with a barrel of North Sea Brent crude costing around 74.98 US dollars by 9 am CET, a 20-cent or 0.3 percent increase from the previous day’s close.