European Stock Market and Currency Markets Experience a Calm Trading Day
The German Dax index opened the trading day with a cautious start, only to move slightly into the red zone by midday. At around 12:30 pm, the leading index was calculated at approximately 23,370 points, 0.3 percent lower than the previous day’s closing level. Airbus, MTU and Vonovia led the stock market’s performance, while FMC, Beiersdorf and Daimler Truck closed at the lower end of the list.
Market expert Andreas Lipkow noted that the Dax was trading in a calm and predictable manner, with investors focusing on the US Federal Reserve’s meeting and preferring to stay on the sidelines. Defensive stocks, in particular, were seeing some of their gains eroded. However, Lipkow predicted that when investors do return to the markets, they will likely focus on cyclical sectors, which could lead to a resurgence in activity.
Meanwhile, the euro strengthened against the US dollar, with one euro equivalent to 1.1509 US dollars and one dollar worth 0.8689 euros. The price of Brent crude oil, a North Sea variety, also declined, with a barrel trading at 76.18 US dollars at 12 pm German time, a 0.4 percent or 27-cent decrease from the previous day’s close.