The German DAX index experienced a shift in momentum on Thursday, moving into negative territory by midday after a positive opening. Around 12:35 PM local time, the index was calculated at approximately 24,035 points, representing a decrease of 0.1 percent from the previous trading day. Leading gains were Porsche, Siemens and Continental, while shares of Vonovia, Qiagen and Eon recorded the steepest declines.
Market analyst Andreas Lipkow noted that investors were particularly focused on automotive stocks on Thursday. Following the release of official European vehicle sales figures, sentiment within the sector appears to be improving.
Lipkow commented that the most challenging period had likely passed, though the 24,000-point level continues to exert a pull on the overall market. “Sustainable and powerful trading impulses are lacking to move the DAX 40 in either direction” he stated, adding that a degree of market breadth is visible amongst the day’s gainers, with the majority of index constituents trading positively.
The Euro demonstrated moderate strengthening mid-day Thursday, trading at 1.1655 US dollars. Conversely, one US dollar was worth 0.8580 Euros.
Oil prices, meanwhile, experienced a decline. A barrel of Brent crude was trading at 67.74 US dollars around 12:00 PM German time, down 31 cents, or 0.5 percent, from the previous day’s closing price.