On Monday, the Dax remained in the red after a slightly negative start to the trading day until midday. At around 12:30 pm, the leading index was calculated at around 23,735 points, 0.1 percent below the closing level of Friday. At the top of the stock list were Siemens Energy, the Munich Re and Daimler Truck, while Volkswagen, SAP and Vonovia were at the bottom. However, Volkswagen shares are trading with a dividend discount. “Investors have received a series of changing conditions at the start of the week and need to assess them” said market expert Andreas Lipkow. “The rating change of the USA as an issuer is overall not very alarming, but still another component that can put pressure on the US financial market.” The direct effects in the bond market and the increasing financing costs for the USA would have significant impact. The European common currency was stronger on Monday afternoon: One euro cost 1.1276 US dollars and one dollar was correspondingly worth 0.8868 euros. Meanwhile, the oil price fell significantly: A barrel of North Sea crude oil cost around 64.55 US dollars at 12:00 am German time; that was 86 cents or 1.3 percent less than the closing level of the previous trading day.
Dax Plummets Amidst US Rating Concerns
