The German DAX index experienced a shift into negative territory by midday Thursday, following a cautious open. Around 12:30 PM local time, the benchmark index was calculated at approximately 24,220 points, representing a 0.2 percent decrease from the previous day’s closing level. Leading the gains were Rheinmetall, Siemens Energy and Airbus, while Beiersdorf, Deutsche Post and Deutsche Börse lagged behind.
Market expert Andreas Lipkow noted that investors are largely remaining on the sidelines, awaiting further trading impulses. The central bank gathering currently underway in the United States is anticipated to be largely uneventful. “Investors are heavily focused on the ongoing conflict in Ukraine and developments in inflation” Lipkow explained.
He further stated that outcomes from the Wyoming meeting are expected to have minimal impact, as the political aspects are currently subdued and expectations regarding inflation trends in the EU and US are largely factored into current valuations. “As such, the DAX is currently only likely to experience a period of consolidation between the 23,900 and 24,350 point levels.
The Euro saw a slight weakening during Thursday midday trading, reaching a value of 1.1650 US dollars, while one US dollar was equivalent to 0.8584 Euros.
Meanwhile, the price of oil increased; Brent crude was trading at 67.49 US dollars per barrel around 12:00 PM CET, up 65 cents or 1.0 percent from the previous close.