European Stocks and Currencies Remain Calm Amid US-Iran Tensions
As the Dax index began the trading day, it dipped slightly, settling at around 23,325 points, a 0.1% decrease from the previous Friday’s close. The top gainers on the stock market included RWE, Deutsche Telekom and FMC, while Munich Re, Zalando and Rheinmetall trailed behind.
According to Thomas Altmann of QC Partners, the stock market is currently processing the US military strike against Iran. “So far, the market’s reaction is relatively subdued” he said, “but everyone on the floor is hoping that the US military strike will remain an isolated event and that Iran’s reaction will not be too intense.” If either of these assumptions proves incorrect, the situation at the stock exchange could quickly turn volatile.
Meanwhile, the euro strengthened in the morning, with one euro equivalent to 1.1499 US dollars and the dollar trading at 0.8696 euros. The price of Brent crude oil, a North Sea variety, rose to 77.69 US dollars per barrel by 9 a.m. local time, a 0.9% or 68-cent increase from the previous day’s close.