European markets experienced a mixed performance on Monday, with the DAX index initially showing promise before retracting gains by midday. The benchmark index was calculated at approximately 24,285 points around 12:30 PM, a minor increase of 0.3 percent above Friday’s closing level.
Leading the gains within the DAX were Infineon, MTU and Sartorius, while BMW, Volkswagen and Rheinmetall lagged at the lower end of the performance table.
Market analysts noted investor reactions to a recent agreement between the European Union and the United States. “Investors don’s appear entirely satisfied with the compromise reached between the EU and the U.S”. stated market expert Andreas Lipkow. “Certain significant imbalances seem to disadvantage the European economy. The marked asymmetry of the agreement casts a different light on its overall character”. He further indicated that European trade representatives had conceded significant ground. “The purchased de-escalation of the trade conflict between Europe and the US appears to be weighing heavily on the share prices of German automotive companies.
The euro weakened during midday trading, exchanging at $1.1667, or €0.8571 per dollar.
Meanwhile, oil prices rose. Brent crude futures were trading around $69.10 per barrel, representing an increase of 66 cents, or 1.0 percent, from the previous trading day’s closing price.