The German stock market index, the DAX, experienced a significant increase on Wednesday, closing at 24,114 points. This represents a gain of 1.0 percent compared to the previous day’s closing value. Following an initial period of trading in negative territory, the DAX shifted into positive territory during the morning session, with particularly strong gains realized in the afternoon.
Market analyst Andreas Lipkow attributed the upward trend to the emerging possibility of a resolution in the pharmaceutical dispute between European companies and the United States. Shares of Merck and Bayer were among the strongest performers within the DAX. Weakening European economic data and slightly elevated price indicators were largely disregarded by investors.
Throughout the trading day, Siemens Energy and Adidas shares also featured prominently among the top performers in Frankfurt, while Scout 24 and Rheinmetall lagged behind.
Contributing to a more favorable market environment, natural gas prices declined. Gas for delivery in November was priced at €31 per megawatt-hour (MWh), potentially translating to consumer prices of approximately eight to nine cents per kilowatt-hour (kWh) if this price level remains consistent.
Oil prices also registered a significant decrease, with a barrel of Brent crude trading at $65.30, a 73-cent or 1.1 percent drop from the previous day’s closing value.
The Euro weakened slightly against the US dollar, fluctuating at $1.1725, with a dollar fetching 0.8529 Euros.