German stock market indices experienced gains on Thursday, with the DAX closing at 24,193 points, representing a 1.1 percent increase from the previous day’s close. The index saw positive momentum throughout the morning, stabilizing just below the 24,400 point mark.
Market analysts attribute the upward trend, in part, to growing expectations of a potential meeting between the presidents of Russia and the United States. While acknowledging a degree of profit-taking at current levels, Andreas Lipkow noted a sense of relief amongst market participants. He emphasized that any move towards de-escalation and a potential ceasefire in Ukraine would be welcomed, but cautioned that the sustainability of this positive sentiment remains to be seen.
Heidelberg Materials and BASF led the DAX gainers on Thursday, while shares in Deutsche Telekom and Rheinmetall saw declines.
Commodity markets experienced downward pressure. The price of natural gas decreased by one percent, settling at 33 Euros per Megawatt-hour for September delivery, which translates to a potential consumer price of approximately eight to ten cents per Kilowatt-hour including additional costs and taxes if sustained.
Brent crude oil also saw a slight decrease, trading at 66.65 US dollars per barrel in the late afternoon, down 0.4 percent from the previous close.
The Euro weakened against the US dollar, with an exchange rate of 1.1629 US dollars per Euro. Conversely, the US dollar traded at 0.8599 Euros.