The DAX index rebounded into positive territory Thursday, recovering from a weak start as investors awaited the European Central Bank’s (ECB) upcoming decision on future interest rates. By 12:30 PM, the index reached 23,670 points, a 0.2% increase compared to the previous day’s closing value.
Market analyst Andreas Lipkow noted that investors were largely on the sidelines, anticipating the ECB’s press conference. While no change in interest rates is expected, considerable attention will be focused on the ECB’s commentary regarding economic developments within the Eurozone. Lipkow also highlighted the potential influence of the political landscape in France and prevailing inflation assessments.
Shares in the defense sector proved to be a significant driving force behind the upward trend. This movement may be partially attributed to the suspected Russian drone incursions into Polish airspace, which occurred the previous day, impacting NATO territory. Airbus and Rheinmetall were among the top five gainers, while HeidelbergCement, Bayer and Deutsche Bank also saw increased demand.
The euro weakened slightly Thursday afternoon, trading at $1.1684, with a dollar equivalent of €0.8559.
Gold prices experienced a downturn, fetching $3,622 per fine ounce in the afternoon, reflecting a 0.6% decrease. This corresponds to a price of €99.66 per gram.
Oil prices also declined, with a barrel of Brent North Sea crude trading at $67.10 Thursday afternoon, a 39-cent (0.6%) decrease from the previous day’s closing value.