The German DAX began the trading day on Monday with a positive trend. By 9:30 AM, the index reached approximately 23,760 points, marking a 0.7 percent increase compared to Friday’s closing bell. Continental, Infineon and Heidelberg Materials led the list of top performers, while Beiersdorf, Munich Re and Symrise lagged.
Despite generally positive employment data released from the United States and initial gains on Wall Street, the DAX experienced a downturn on Friday, according to Jochen Stanzl, chief market analyst at CMC Markets. He suggested this shift may signal the end of a period where opportunistic investors were consistently rewarded with rapid price increases.
“Today, political dice are being rolled in France and investors are hesitant to take new positions in light of this risk” Stanzl added. Paris anticipates a potential government collapse later today should Prime Minister Bayrou fail to secure a vote of confidence. He noted that Bayrou’s successful navigation of the vote would be “a noteworthy achievement and would likely be welcomed by the market.
The Euro strengthened slightly on Monday morning, trading at $1.1730, with a dollar fetching €0.8525.
Oil prices saw a significant increase, with a barrel of Brent North Sea crude reaching $66.64 at 9:00 AM local time – a 1.7 percent increase compared to the previous trading day’s close.