The Dax index started the trading week on a slightly weaker note on Monday morning. By 9:30 am, the index was calculated at around 20,890 points, a 0.1 percent decline from the previous Friday’s close.
Commerzbank and Deutsche Bank shares led the market, while Siemens Energy’s papers lagged behind.
“The positive trading trend from the Asian trading session is no longer reflected in the Dax” said market analyst Andreas Lipkow. “Market participants will have to rely on their own momentum and without any US market impulses today, as the US financial markets are closed due to the inauguration of the new US president, Trump.”
The only market impulse for the German market, according to Lipkow, came from the producer price data, which showed price increases remaining below market expectations on both a monthly and annual basis.
Meanwhile, the euro was stronger, trading at 1.0314 US dollars per euro, with the dollar available for 0.9696 euros. The oil price, however, dipped slightly, with a barrel of Brent crude selling for 80.69 US dollars at around 9 am German time, a 10-cent or 0.1 percent decline from the previous day’s close.