The Dax started the trading week cautiously on Monday morning. At around 9:30 am, the leading index was calculated at about 23,140 points, 0.2 percent above the Friday’s closing level. “With eight consecutive trading days in the green, the Dax ended its longest winning streak of the year from January” said Thomas Altmann of QC Partners. “The next goal is now to match the ten-day series from last year’s August.”
“To achieve this, further buyers would have to enter the market. And they would need absolute confidence that the Dax can already achieve a new record high. Because it’s only two percent away from the all-time high from March” he added.
The hope for trade deals had recently overshadowed everything and caused new euphoria. Now it would have to be shown that this euphoria was also confirmed by negotiation results.
“The US leading index S&P 500 has already ended the ninth consecutive trading day in the green on Friday. A longer winning streak was here last in 1995 with then twelve consecutive positive days” Altmann said.
“After the increase in OPEC supply, the oil price is clearly declining. Oil is now traded for the first time since 2021 for under 50 euros in euros” he added.
The European community currency was stronger on Monday morning: One euro cost 1.1327 US dollars and a dollar was accordingly worth 0.8828 euros.
Meanwhile, the oil price plummeted: A barrel of North Sea crude cost around 9 am German time on Monday morning 59.93 US dollars, which was 136 cents or 2.2 percent less than the previous trading day’s closing price.