The German DAX index saw gains on Thursday, closing at 23,704 points – a 0.3 percent increase compared to the previous day’s close. The index initially struggled to gain traction at the start of trading but subsequently moved into positive territory before partially retracing those gains throughout the afternoon.
Market analyst Andreas Lipkow noted that the European Central Bank (ECB) held its course, maintaining unchanged guidance and reaffirming that it would not adjust its inflation projections for the next two years. However, a more optimistic outlook emerged alongside this decision, with the ECB revising upwards its growth forecast for the Eurozone.
Data released from the United States also generated market reaction. Lipkow explained that initial jobless claims, registering at 263,000, exceeded market expectations of 235,000. He clarified that this outcome was largely anticipated following a substantial revision to previous US labor market data. Despite this, the possibility of future interest rate cuts remains prevalent in market sentiment.
Throughout the trading day, shares in Bayer, Airbus and Heidelberg Materials performed strongly. Conversely, Qiagen, SAP and Sartorius shares ended the day at the bottom of the DAX.
Energy prices saw notable shifts. The price of natural gas fell to €32 per megawatt-hour (MWh) for delivery in October, a decrease of 2 percent from the previous day. This implies a potential consumer price of approximately 8 to 10 cents per kilowatt-hour (kWh) including additional charges and taxes, should this price level prove sustainable.
Oil prices also declined significantly, with Brent crude from the North Sea trading at $66.51 per barrel – a decrease of 98 cents, or 1.5 percent, compared to the previous day’s closing price.
The euro strengthened in afternoon trading, fetching $1.1737, with one dollar valued at €0.8520.