European markets displayed a positive trajectory on Wednesday, with the German DAX index steadily recovering from a weaker opening to trade in the green by midday. The benchmark index reached approximately 23,980 points, representing a 0.4 percent increase compared to the previous day’s closing level.
Leading the gains was Merck, whose shares surged by nearly six percent. This upward movement is attributed to an agreement between Pfizer and the White House, where Pfizer will lower prices for the Medicaid government health program in exchange for tariff relief. Analysts suggest this arrangement may signal similar deals with other companies within the pharmaceutical sector.
Alongside Merck, shares of Siemens Energy, Brenntag and Adidas also experienced gains. Conversely, Rheinmetall, Fresenius and MTU faced downward pressure, concluding the session in negative territory.
The Euro weakened slightly against the US Dollar, with the exchange rate standing at 1.1727 USD per Euro, or 0.8527 EUR per USD.
Gold prices benefitted from the market activity, reaching $3,888 per fine ounce, a 0.8 percent increase, which translates to €106.60 per gram.
Crude oil prices saw a slight decrease; Brent North Sea crude was trading at $65.94 per barrel, down 9 cents or 0.1 percent from the previous day’s closing value.