Financial Markets Experience Volatility as Israeli Military Action Against Iran Looms
The German Dax index closed the week with a decline, ending the Xetra trading session at 23,516 points, a 1.1 percent drop from the previous day’s close. The top gainers in the market were Rheinmetall, RWE and Daimler Truck, while Adidas, Porsche and Deutsche Bank closed the day with the highest losses.
The Israeli military strike against Iran dominated market discussions on Friday, with investors adopting a cautious approach ahead of the weekend. “Investors have a queasy feeling, as the situation in the Middle East could escalate over the next few days” said market expert Andreas Lipkow. “The situation between Iran and Israel has a significant impact on energy market prices and investors are taking a wait-and-see approach.”
The euro weakened against the US dollar on Friday afternoon, trading at 1.1556 dollars per euro, while the dollar was worth 0.8654 euros. Meanwhile, the price of Brent crude oil surged, reaching 73.76 US dollars per barrel by 5 pm CET, a 6.3 percent increase from the previous day’s close.