The Dax index continued its friendly start on Wednesday, with a further increase by midday. By around 12:30 pm, the index was calculated at around 20,420 points, a 0.4% increase from the previous trading day. Rheinmetall, Heidelberg Materials, and Continental led the price list, followed by Siemens Energy, RWE, and Infineon at the end.
“Investors are still betting on a potential economic upswing in Europe and are continuing to buy stocks from cyclical sectors” said market expert Andreas Lipkow. The poor economic reports are currently being taken into consideration, but the focus is on the future.
“It’s the auto stocks of German automakers and financial stocks that are in the investors’ buying interest, while defensive sectors and a few technology companies are on the losing side” Lipkow said. “What’s noticeable is a very selective and cautious approach.”
The European common currency was weaker on Wednesday at midday: one euro cost $1.0305, and one dollar was worth $0.9704 in euros.
Meanwhile, the oil price rose slightly: a barrel of North Sea Brent cost around $77.09 at 12 pm German time, a 4-cent or 0.1% increase from the end of the previous trading day.