At the start of the week the DAX fell. At the close of Xetra trading the index was calculated at 24,991 points, a decline of 1.1 % from the previous day.
“After the Zoll‑theatre of recent months has already created enough confusion in global trade, US Supreme Court rulings, a perceived loss for Trump and his subsequent round‑about reversal have made the chaos perfect” said Andreas Lipkow, chief market analyst at CMC Market. “It is now unclear which tariffs are still in force, how long they will last or whether refunds can be expected. The resulting uncertainty alone creates nervousness and sales in the equities market”. Lipkow added that the frenetic atmosphere at the Frankfurt Stock Exchange had calmed somewhat during the session, but warned that the DAX still has to win back the 25,000‑point plateau before it can look for a new all‑time high.
The Ifo index showed that the German economy still cannot generate strong momentum, though prospects are slightly clearer. The economic “seedling” in Germany is still young and delicate. A potential massive rise in oil prices from a military escalation in the Middle East between the United States and Iran, or new tariff conflicts, could have major negative impacts on this modestly positive outlook. There is also no more clarity on how the trade agreement between the United States and the European Union will unfold, so the next weeks will reveal how much further protectionist measures weaken the economic recovery.
Reticence dominated the trading floor today because the week still holds further developments. In addition to quarterly results from Nvidia and Salesforce, several DAX names were on the balance‑sheet agenda. Investors also expect more statements from the US president on tariffs, likely aimed at restoring the earlier status quo. Even if inflationary factors are contained, trade battles inevitably weigh on many companies’ operating results.
On the corporate side, Novo Nordisk’s shares once again slid under the scrutiny. The Danish drugmaker failed to impress with the effectiveness of a combination drug, disappointing investors and pushing the share’s downtrend further. The decline reached 15 % today. Investors, in turn, re‑entered precious metals and crude oil, driving the flight to safe havens. Bitcoin’s price slipped below the $65,000 mark, according to Lipkow.
The euro was slightly stronger in mid‑afternoon: one euro fetched $1.1799, making a dollar worth €0.8475. Gold surged, with a fine ounce trading at $5,211 (+2 % from the previous close), equivalent to €142.00 per gram. Brent crude rose to $72.31 per barrel at about 5 p.m. German time, an increase of 55 cents (0.8 %) from the previous day’s close.