The DAX opened the new week in a calm manner. At 9:30 a.m. it was listed at 24,895 points in the Frankfurt trading hall, five points-or about 0.02 %-below Friday’s close.
Early in the morning the gold price captured the spotlight, climbing strongly to another all‑time high. One fine troy ounce fetched US $5,098, a rise of 2.3 %, which translates to roughly €138.40 per gram, also the highest ever level.
Investors are closely watching the Federal Reserve’s interest‑rate decision on January 28. BNP Paribas’ Stephan Kemper described the current situation as “historically unique and explosive signals”. He added that the allegations against Fed Chair Jerome Powell represent a direct attack on the central bank’s independence, and that Powell has been clear that the focus is on evidence‑based policy rather than political intimidation.
Although the Fed still officially targets a 2 % inflation rate, it appears to have settled for a near‑3 % inflation rate in practice to shore up the labour market. “We expect this ‘soft’ stance to persist even under new leadership” Kemper said.
At the start of trading, bank stocks were of particular interest. Commerzbank and Deutsche Bank outperformed the subdued trend, while other names such as Airbus and Daimler Truck posted significant declines.
The euro was weaker early on Monday. One euro traded at US $1.1842, meaning the dollar traded at €0.8445.