The German DAX index experienced a positive start to the trading week, closing at 23,807 points, representing a 0.9% increase compared to the previous day’s close.
Notable gains were observed in the shares of Zalando, Adidas and Commerzbank. Conversely, Deutsche Telekom, Daimler Truck and Porsche shares performed negatively, bucking the overall market trend.
Market analyst Andreas Lipkow noted a nuanced investor sentiment. “On one hand, there’s a sense of reassurance stemming from improvements in the political and economic landscape in Europe, but this is balanced by significant caution” he stated. He further explained that market participants are maintaining a selective approach, focusing primarily on specific sectors.
Lipkow suggested that given the unpredictable nature of September, diversifying investments remains prudent and a degree of restraint in trading is likely to persist until the upcoming US Federal Reserve meeting.
The Euro strengthened against the US Dollar, trading at 1.1746 USD, with one USD equivalent to 0.8514 EUR.
Gold prices saw a significant boost, reaching 3,635 USD per fine ounce (+1.4%) – equivalent to 99.49 EUR per gram.
Crude oil prices also rose substantially, with Brent North Sea oil fetching 66.34 USD per barrel, a 1.3% increase of 84 cents compared to the previous day’s closing price.