European markets experienced a moderate downturn on Wednesday, with the DAX closing at 24,277 points, a decrease of 0.6 percent from the previous day’s close. Initial losses were partially recovered by midday, but selling pressure resumed in the afternoon session.
Investors are currently focused on forthcoming guidance from the US Federal Reserve. Minutes from the latest Federal Open Market Committee meeting, released this evening, are anticipated to provide insight into the central bank’s thinking regarding future interest rate policy. Further signals are expected on Friday when Fed Chair Jerome Powell is scheduled to speak at the Jackson Hole symposium.
Within the DAX, shares of Deutsche Börse, Symrise and Henkel led gains. Siemens Energy shares registered the largest declines.
Commodity markets also saw upward movement. The price of natural gas increased by three percent to 32 euros per megawatt-hour for September delivery, potentially translating to consumer prices of eight to ten cents per kilowatt-hour inclusive of taxes and fees, should current levels be sustained. Brent crude oil rose to $66.62 per barrel-a 1.3 percent increase-by late Wednesday afternoon.
The Euro strengthened slightly against the US dollar, trading at 1.1660 US dollars, while the dollar was valued at 0.8576 Euros.