The DAX opened higher in Friday’s trading session. At about 09:30 German time the index was calculated at roughly 23,925 points, which is 0.5 % above yesterday’s closing level.
Jochen Stanzl, chief market analyst at Consorsbank, said: “The fact that oil is trading in the upper‑fifth of its trading range and the DAX in the lower‑fifth is a clear sign that investors are uneasy about the current market situation”. He added that the United States allowing India to purchase Russian oil for 30 days illustrates the world’s desperation to avoid a looming supply crunch. “Europe is a net importer of oil, and as long as prices stay high or rise further, investors will likely avoid European stocks”.
Stanzl also noted that since the launch of the U.S. operation “Epic Rage” the shift out of U.S. equities has stalled. This week the S&P 500 is down only 0.5 %, while the Nasdaq 100 is up 0.7 %. The abrupt end to the sell‑off from U.S. stocks is more likely linked to the U.S. exporting oil net‑increasingly than to a sudden investor preference for a permanent U.S.‐heavy portfolio.
The gold market, after weeks of extreme volatility, has become a growing source of doubt. “Gold is now trading in the lower third of its weekly range during a week that has seen extraordinary events” Stanzl said. Central‑bank demand has long driven gold prices upward, with Poland’s central bank playing a front‑row role. The Polish government now plans to tap the metal in its reserves to avoid securing an EU loan for urgently needed military spending. Legal hurdles lo‑osen, as governments cannot simply liquidate central‑bank assets to fund domestic programmes. “Poland’s move-its biggest official gold buyer of recent years-could stir unease in the gold market” he added.
On Friday morning the euro was a touch weaker: 1 € = 1.1607 USD, and 1 USD = 0.8615 €.
Gold prices benefited, trading at $5,099 per fine ounce (+0.3 %), which translates to 141.23 € per gram.
Brent crude also rose. At around 09:00 German time a barrel of North Sea Brent was priced at $85.80, which is 39 cents, or 0.5 %, above the previous day’s close.