European markets opened cautiously on Monday, with the leading DAX index experiencing a slight dip into negative territory by midday. The index, which calculates around 24,230 points, registered a decline of 0.2 percent compared to Friday’s closing level.
Vonovia, BASF and Daimler Truck led the list of top performers, while FMC, Rheinmetall and Airbus trailed at the end of the session.
Market analyst Andreas Lipkow described the trading activity as “relatively calm” noting a limited number of drivers influencing the market. This resulted in a narrow trading range of approximately 60 points for the DAX. The ongoing U.S. quarterly earnings season is subtly impacting sentiment in Europe, although a general sense of subdued activity characterizes the market. “Overall, we are seeing a classic summer trading pattern and most investors are currently observing from the sidelines” Lipkow added.
The Euro strengthened slightly against the U.S. dollar, trading at $1.1638. Conversely, the price of Brent crude oil decreased, falling to $68.96 per barrel – a reduction of 32 cents, or 0.5 percent, compared to the previous day’s closing price.