European markets experienced a muted start to the week, with Germany’s DAX index opening lower Monday morning. Around 9:30 AM local time, the benchmark index was calculated at approximately 24,250 points, representing a 0.5 percent decrease from Friday’s closing level. While most stocks declined, Rheinmetall and Commerzbank bucked the trend, posting gains. Shares in Siemens, RWE and Eon registered the steepest declines.
Market analyst Thomas Altmann of QC Partners noted a shift in focus following the positive reaction to Jerome Powell’s speech in Jackson Hole on Friday. Persistent challenges in reaching a peaceful resolution in Ukraine are now contributing to market hesitation. Initial optimism demonstrated over the weekend appears to have waned, evidenced by a dip in Bitcoin’s value over Saturday and Sunday.
The DAX continues to face upward pressure. While the July high remains within reach, a lack of sustained buyer momentum is hindering further gains. The German benchmark is currently lagging behind the performance of US markets; year-to-date, the S&P 500 has gained 4.2 percent, compared to the DAX’s 1.9 percent increase.
In currency markets, the Euro weakened slightly Monday morning, trading at 1.1716 US dollars, while the US dollar was valued at 0.8535 Euros.
Oil prices experienced a modest rise, with a barrel of Brent crude oil trading at 67.77 US dollars around 9:00 AM CET, a 0.1 percent increase from the previous trading day’s close.