The German DAX index continued its upward trajectory midday Wednesday, reaching 24,230 points – a 0.9 percent increase from the previous day’s closing value. Leading the gains were shares in Zalando, Rheinmetall and Bayer. Conversely, Brenntag and several automotive stocks, including Mercedes-Benz and Volkswagen, were among the worst performers.
Market expert Andreas Lipkow noted investor focus on specific sectors, particularly Rheinmetall AG. He attributed this to ongoing geopolitical concerns surrounding the anticipated meeting between US and Russian representatives regarding the Ukraine conflict, acknowledging it is unlikely to be a simple negotiation. “Ukraine has once again clearly outlined its conditions for Russia” Lipkow stated, adding that the prospect of a lasting ceasefire remains uncertain.
The DAX 40 demonstrates broadening market strength, with 28 of its 40 constituent stocks currently trading in positive territory. Losses are primarily concentrated among automobile manufacturers and shares in Brenntag.
The Euro strengthened against the US dollar midday Wednesday, trading at 1.1723 US dollars, while the dollar was valued at 0.8530 Euros.
Meanwhile, crude oil prices declined; Brent crude was trading at 65.70 US dollars a barrel around midday German time, representing a 0.6 percent decrease from the previous day’s close.