The Dax started the trading day on Wednesday with moderate gains. By 9:30 am, the leading index was calculated at around 20,320 points, resulting in a 0.2% increase from the previous day’s close. Continental shares led the price list, with Beiersdorf and MTU papers at the end.
Investors were “on the edge of their seats” awaiting the start of the US earnings season, with quarterly reports from JP Morgan, Wells Fargo, and Citigroup, said market analyst Andreas Lipkow. “Additionally, the US consumer prices and the Empire State Index will come into a highly charged interest environment” he explained.
Market participants sought clarity on the future of the US Federal Reserve’s monetary policy, the analyst elaborated. This would be crucially influenced by the further price developments in the US. The Federal Reserve had repeatedly emphasized that it would take a strong approach in the future. “This means that the price and economic data will take on more important roles again” Lipkow noted.
The European common currency was slightly weaker on Wednesday morning: one euro cost $1.0302, and one dollar was worth €0.9707, accordingly.
Meanwhile, the oil price rose: a barrel of North Sea Brent cost around $80.35 at 9 am Central European Time, a 43-cent or 0.5% increase from the previous day’s close.