The Dax index slipped into the red on Wednesday, following a further strong start, by midday. By 12:30 pm, the index was calculated at around 22,655 points, a decline of 0.8 percent from the previous trading day. RWE, Rheinmetall and Eon led the list of gainers, while MTU, Heidelberg Materials and BASF were among the losers.
“Investors are getting cold feet and are focusing mainly on the defensive sectors” said market expert Andreas Lipkow. “As a result, the shares of RWE, Eon and Merck are at the top of the winners’ list, while the current main topics are quickly reflected in the losing stocks, with Porsche and BASF among the losers.”
The US tariffs theme is still leaving its mark on the German stock market, Lipkow noted, with market participants now waiting for the upcoming US economic data.
The euro was weaker on Wednesday afternoon, with one euro costing 1.0429 US dollars and one dollar being worth 0.9589 euros.
Meanwhile, the oil price rose: a barrel of Brent crude from the North Sea cost around $76.25 at 12 pm German time, a 41-cent or 0.5 percent increase from the close of the previous trading day.