The Dax, after a sharp drop earlier in the day, narrowed its losses toward the end but still finished lower. At Xetra’s closing bell it settled at 24,561 points, 0.6 % below yesterday’s close.

In the afternoon a noticeable lift appeared while U.S. President Donald Trump was speaking at the World Economic Forum in Davos. Trump reiterated his claim to purchase Greenland, but the earlier threat of a military annexation was eased to a more symbolic statement: “we will remember”.

Gold continued to rally and hit a new all‑time high. By the afternoon session the price reached $4,847 per troy ounce, up 1.7 %-the highest level ever. That equates to €133.08 per gram, another record.

The euro was a touch weaker in the mid‑afternoon: one euro traded at $1.1709, or 0.8540 €, per U.S. dollar.