The Dax opened on Wednesday with little change. At 9:30 am, the Frankfurt stock exchange’s display showed approximately 23,266 points, only a few points higher than the previous day’s close.
At the opening of the Dax, BMW shares were the strongest with almost three percent increase. The carmaker had to report a 26.4% loss in the first quarter on Wednesday. However, this met the expectations of investors, given the difficult China business and the high uncertainty in global trade. At the bottom of the Frankfurt table were the Sartorius shares.
“Market participants are also facing a multitude of impulses in the middle of the week” commented market analyst Andreas Lipkow. “Yesterday’s Chancellor election in Germany represented a political novelty.” This had at least temporarily caused confusion among investors, explained the analyst.
At the same time, progress was being made in the negotiations between the US and China. “So the vice-premier of China will travel to Switzerland on May 9 to meet with the US representatives there” said Lipkow. “Furthermore, the People’s Bank of China has loosened the reserve requirements and reduced the benchmark interest rate.”
The European community currency was weaker on Wednesday morning: One euro cost 1.1365 US dollars and a dollar was accordingly worth 0.8799 euros.
Meanwhile, the oil price rose significantly: A barrel of North Sea crude oil cost approximately 62.88 US dollars on Wednesday morning, German time, which was 73 cents or 1.2% more than the previous trading day’s close.