30 a..m., marking a slight gain of 0.1% from the previous day’s close. According to Jochen Stanzl, Chief Market Analyst at Consorsbank, the index is currently being saved from further losses by the stability displayed in the S&P-500 and Wall Street. However, Stanzl pointed out that even in these stable markets, nervousness is rising. He observed that whenever oil prices climb above $100, uncertainty across global stock exchanges increases.
While investors appreciate the resilience of companies that have adapted since the first energy crisis in 2022-allowing them to manage high energy prices better-this stability has its limits. Stanzl contrasted this with the position of oil traders, who have no such luxury of adaptability. Concerns are escalating over the situation in the Persian Gulf, where hundreds of ships are stranded, and Western oil reserves are dwindling daily. Although falling demand, driven by high prices, is evident-with flight carriers cancelling thousands of flights and people limiting private car use-this reduction in demand is insufficient to solve the logistical bottleneck. Any remaining balance must be absorbed by increasing oil prices, compelling oil traders to act immediately as the window for free navigation through the Strait of Hormuz continues to close.
Turning to individual stocks, Stanzl noted that SAP’s quarterly results were better than even the most optimistic expectations could predict, especially considering the volatile backdrop and geopolitical uncertainty. Although the SAP stock had fallen by 30%, this loss was linked to market predictions that the company would face an uncertain adjustment period within the AI era. Nevertheless, the fact that the official quarterly report surpassed expectations across several categories was remarkable. The return to normal short-term order intake strengthens the picture, supporting the board’s previous explanations regarding weak Q4 orders. This development is crucial as it helps restore investor confidence and offers temporary relief from fears that customer business is migrating entirely to AI agents.
In other market segments, the European currency was weaker at the start of the week: a euro cost $1.1682, meaning a dollar bought 0.8560 euros. Gold prices showed weakness, trading at $4,684 for a fine ounce, down 0.3%, equivalent to €128.91 per gram. Meanwhile, the price of Brent crude oil rose, reaching $105.90 per barrel at the start of the day, an increase of 0.8% or 86 cents from the previous closing price.