The German stock market opened with gains on Monday, driven by a positive sentiment seemingly emanating from Wall Street, though its impact on European markets remains tempered. As of 9:30 AM CET, the DAX index was calculated at approximately 23,790 points, representing a 0.4% increase compared to Friday’s closing level.
Rheinmetall, Infineon and Heidelberg Materials led the performance gains within the index, while Qiagen, Symrise and FMC concluded the session at the lower end.
According to Thomas Altmann of QC Partners, while optimism appears boundless on Wall Street, the European market continues to adopt a cautious approach. “The prevailing sentiment here remains one of `wait and see`” Altmann stated. Trading volumes within the DAX remain below average, reflecting this hesitancy. Recent performance has been relatively flat, with five positive and five negative trading days over the past two weeks, signaling a directionless sideways market.
The euro strengthened slightly against the US dollar on Monday morning, trading at $1.1737, which corresponds to a dollar value of €0.8520.
Meanwhile, the price of crude oil has risen. Brent crude, a benchmark variety of North Sea oil, was valued at $67.25 per barrel as of 9:00 AM CET, a 26-cent or 0.4% increase compared to the previous day’s closing price.