The DAX opened favourably on Thursday morning. At about 9:30 a.m., the benchmark index was calculated at roughly 24,890 points, 1.4 % above yesterday’s closing level.
Jochen Stanzl, chief market analyst at Consorsbank, said: “Trump volatility has returned to the Frankfurt market floor. The extreme rhetoric of the U.S. president follows a familiar pattern: initially hard‑swing positions are soon followed by more moderate signals, allowing early losses to be quickly recouped”. He added that the TACO‑Trade is now acting as actively as it did a little over a year ago, when a comparable Trump‑driven mechanism caused sharp volatility before an eventual rebound. “Gold trading near $5,000 per ounce still reflects investors’ high geopolitical anxiety”.
Stanzl explained that the DAX was able to fall so sharply because the earlier rise had been too fast and steep, and hedge coverage was minimal. “When confidence runs so high, even small shifts in news can trigger large losses. The DAX has now corrected, and in the coming days we will see whether a breakout above 25,000 points can be sustained”.
He also noted that OpenAI could soon stir the IPO market. A new financing round suggests the IPO might be priced at over $1 trillion, an extremely successful valuation. However, persistent AI fears and growing competition from Google’s Gemini and other large‑language‑model offerings make investors question whether such a valuation is sustainable. In the short term, a surge in retail investor enthusiasm around a potential OpenAI IPO could ignite a new hype that would particularly support tech stocks.
On Thursday morning, the euro was slightly stronger: one euro bought 1.1688 U.S. dollars, and one dollar cost 0.8556 euros.
Gold prices slipped slightly. For a fine ounce, investors paid $4,828 in the morning, a decline of 0.1 %. This equates to a price of 132.81 euros per gram.
Oil meanwhile fell. A barrel of North Sea Brent cost $64.97 at about 9:00 a.m. German time on Thursday, which is 0.27 USD, or 0.4 %, lower than the previous trading day’s close.