The Dax index showed a lack of improvement by midday, following a relatively weak start earlier in the day. By 12:30 pm, the index was calculated at approximately 23,295 points, a decline of 0.4 percent compared to the previous trading day. Heidelberg Materials, Siemens Energy and the Deutsche Börse led the list of top performers, while Rheinmetall, BASF and Bayer trailed at the end.
The Dax is currently reflecting the cautious attitude of investors, said market expert Andreas Lipkow. “Before today’s US Federal Reserve meeting, few market participants will take risks” he added.
The index has presented a relatively positive picture in recent trading days, with a lot of optimism and euphoria about the potential future economic outlook. “However, this image is similar to those of previous years, but is now reinforced by Germany’s enormous debt” Lipkow said. “It remains to be seen where these debts will be deployed and what effects they will have on future economic growth.”
The European common currency was weaker in the afternoon, with one euro costing 1.0899 US dollars and one US dollar equivalent to 0.9175 euros.
Meanwhile, the oil price slipped slightly, with a barrel of Brent crude from the North Sea costing around 70.47 US dollars by 12 pm CET, a decline of 9 cents or 0.1 percent from the previous trading day’s close.