The Dax is back in the red after a weak start and a brief foray into positive territory. By 12:30 pm, the leading index was calculated at around 19,870 points, 0.1% below the closing level of Friday.
The auto sector performed particularly poorly. Volkswagen, the Porsche holding, and Porsche all recorded significant losses at the end of the trading day, with Mercedes-Benz, Daimler Truck, and BMW not faring much better. In contrast, companies like Rheinmetall, Siemens Energy, and Covestro managed to gain ground.
“Today marks the beginning of the big cleanup after the expiration of the options on Friday” said market analyst Andreas Lipkow. However, investors continued to be cautious and selective. “Trading volume is likely to continue to dwindle, especially in the run-up to the upcoming holidays.”
Despite this, market participants can be satisfied with the Dax’s overall performance this year, according to Lipkow. “The economic circumstances in Germany would not have allowed for this kind of performance.” The Dax’s performance has been driven mainly by a few international heavyweight index companies with a strong track record.
The European common currency was weaker on Monday morning: one euro cost $1.0397, and one dollar was worth $0.9618 euros.
Meanwhile, the oil price fell: a barrel of North Sea Brent cost around $72.74 at 12 pm German time, which was 20 cents or 0.3% less than the previous trading day’s close.