The German stock market opened the week with a significant upward trend. The DAX index closed at 23,757 points on Monday, marking a 1.4% increase compared to the previous trading day.
Shares of Commerzbank, Deutsche Bank and Allianz led the gains, while Bayer, Porsche Holding and Daimler-Truck experienced losses.
Market analyst Andreas Lipkow attributed the market’s performance to a focus on defensive sectors, including banking, insurance and utilities. “Investors are being very selective at the start of the week, expressing their relief that the trade conflict between the EU and the US has not escalated further” Lipkow commented.
He further explained a tendency to avoid classic cyclical industries, citing ongoing uncertainties surrounding US trade policy and the current defensive stance adopted by the EU.
The Euro weakened slightly to $1.1573 on Monday afternoon, with the US Dollar exchanging at €0.8641.
The price of gold rose, reaching $3,376 per fine ounce ($93.79 per gram), representing a 0.4% increase.
Conversely, the oil price fell; Brent North Sea crude was trading at $69.36 per barrel, a 31-cent or 0.4% decrease from the end of the previous trading day.