30 am, a decline of 0.6 percent from the previous day’s close.
Market analyst Andreas Lipkow attributed the negative start to the escalating tensions in the Middle East, which overshadowed the increasing oil prices. “It’s not so much about the rising oil prices, but more about the potential US entry into this conflict between Israel and Iran” he said.
The analyst added that the geopolitical implications of a potential US involvement in the conflict were still unclear and were causing noticeable caution among investors, leading to a decline in stock prices. This trend was already evident in the Asian markets, with European stocks also failing to gain traction in the face of the escalating tensions in the Middle East.
The market’s attention will likely remain focused on the developments in the Middle East, with the upcoming Swiss National Bank meeting being the only notable event on the economic calendar. “The focus will be entirely on the news from the Middle East today” Lipkow said.
Meanwhile, the euro was slightly weaker against the US dollar, trading at 1.1467 dollars per euro, while the dollar was valued at 0.8721 euros.
Oil prices, on the other hand, rose, with a barrel of Brent crude trading at 77.44 US dollars by 9 am German time, a gain of 74 cents or 1.0 percent from the previous day’s close.