Stock Market Index Edges Up at the Start of the Week
The German Dax index closed at 23,699 points on Friday, a 0.8 percent increase from the previous trading day. Siemens Energy, Sartorius and Deutsche Bank led the gains, while Beiersdorf, Symrise and BMW suffered losses.
Market analysts attribute the positive trend to the continued momentum in the US pre-market, which is being driven by weaker US economic data. Investors are speculating that the Federal Reserve may cut interest rates in the future, but not necessarily at the next meeting.
Meanwhile, the Empire State Index, a key indicator of the New York region’s economic health, showed a significant cooling, with a reading of -16, far below the predicted -5.9.
The Dax is attempting to stabilize in the wake of US market movements, but experts caution against premature optimism, citing the ongoing tensions in the Middle East and the potential for a sudden shift in the situation.
The euro was stronger against the US dollar, with one euro equivalent to 1.1585 US dollars and one dollar worth 0.8632 euros. The gold price, on the other hand, weakened, with a fine ounce selling for 3,404 US dollars, or 94.47 euros per gram.
Oil prices also declined, with a barrel of Brent crude selling for 71.82 US dollars, a 3.3 percent drop from the previous day’s close.