30 am, a 0.1% increase over the previous Friday’s close. The top performers in the market included Deutsche Bank, Rheinmetall and Commerzbank, while Symrise, Beiersdorf and Brenntag lagged behind.
According to Jochen Stanzl, chief market analyst at CMC Markets, investors are being cautious following the weekend’s escalation of tensions between Israel and Iran. “While a complete sell-off is not expected, the situation remains uncertain and could lead to higher volatility” he said.
Stanzl emphasized that the market is not expecting a swift resolution to the conflict and the situation may continue to unfold over the coming days. “Uncertainty is a typical feature of the market, often accompanied by higher price swings, as investors struggle to make accurate predictions” he noted.
The analyst also highlighted the risks of the conflict escalating beyond local reprisals, potentially leading to a rise in oil prices. “If the oil price were to surge above $100 per barrel, Germany could face the threat of a recession again” he warned.
Meanwhile, the euro was stronger, trading at 1.1579 US dollars per euro, with the US dollar valued at 0.8636 euros. The Brent crude oil price also rose, reaching $74.79 per barrel by 9 am CET, a 56-cent or 0.8% increase over the previous day’s close.