The German DAX index experienced a significant increase on Thursday, closing at 24,371 points – a gain of 1.5 percent compared to the previous day’s close. Following a positive opening, the index continued to build on these gains throughout the afternoon trading session.
Positive signals emerged from the United States, where recent retail sales figures exceeded expectations. This data has helped to alleviate some concerns regarding economic prospects, particularly in the context of ongoing trade tensions.
Shares of Siemens and Siemens Energy led the performance table for much of the trading day, while E.On and BMW stocks registered at the lower end.
Gas prices decreased, with a megawatt hour (MWh) for delivery in August priced at 34 euros, representing a 1 percent reduction from the previous day. This level suggests a consumer price of at least 8 to 10 cents per kilowatt-hour (kWh), incorporating ancillary costs and taxes, should the trend persist.
Conversely, oil prices saw an upward trend. A barrel of Brent North Sea crude was trading at $69.00 at approximately 5:00 PM German time, an increase of 48 cents or 0.7 percent compared to the close of the previous trading day.
The European currency weakened during Thursday afternoon trading. One euro was valued at $1.1594, with a dollar fetching 0.8625 euros.