The German stock market opened the trading week with a decline. At the close of Xetra trading, the DAX index registered at 23,909 points, representing a drop of 0.5 percent compared to the previous trading day.
Market analyst Andreas Lipkow noted that investors largely overlooked weaker-than-expected retail sales figures released in Germany. However, he added that the consumer price index data, registering a 2.0 percent increase, proved slightly better than the anticipated 2.2 percent.
“There’s a clear tendency toward profit-taking that’s more pronounced than initially predicted” Lipkow commented. Technology stocks led the gains, while banking and automotive sector shares experienced reduced demand. Investors showed little interest in traditional cyclical industries.
The Euro strengthened slightly during Monday afternoon trading, reaching $1.1750, equivalent to €0.8511 per US dollar.
The price of gold benefited from the market dynamics, rising to $3,288 per fine ounce ($89.97 per gram), marking a 0.4 percent increase.
Conversely, oil prices decreased. Brent crude, a North Sea variant, traded at $67.62 per barrel at approximately 5:00 PM German time – a decrease of 15 cents or 0.2 percent compared to the previous day’s closing price.