30 a..m., a drop of about 2 % from the previous day’s close. The largest fall was seen in Rheinmetall, Deutsche Börse and Hannover Re, while the weakest performers were Vonovia, Siemens Energy and Infineon.
Energy prices were again under pressure after Israel’s attacks on Iranian gas facilities and Iran’s subsequent strikes on oil plants in Qatar. Natural‑gas prices surged more than 28 % at the market opening, before settling at roughly a 22 % gain. In European wholesale markets, prices for April delivery reached up to €72 per megawatt‑hour in the morning, translating to a consumer cost of 13-15 cents per kilowatt‑hour, including taxes and other charges.
Oil also rallied. Brent crude was trading at $113.80 per barrel at 9 a.m. German time-an increase of 6 % over the prior day’s close.
Thomas Altmann of QC Partners commented that the 23,000‑point level has re‑entered focus for the DAX. “Last week, this mark was briefly breached” he noted. “The DAX is now operating in an area that was reached even before the customs auction of last year”. He added that investors in the DAX would have already had a year without a positive return for some of them.
After the U.S. Federal Reserve’s interest‑rate decision today, the European Central Bank is set to hold its own meeting. Altmann remarked that, much like yesterday’s Fed session, the ECB’s statement and press conference will be the main focus. He expects that a rate change is unlikely and that the ECB will likely offer vague comments about the fallout from the Iran conflict, similar to the Fed’s remarks yesterday.