The German DAX opened the Friday trading day on a positive note. At about 9:30 am the index was calculated at roughly 24 480 points, 0.7 percent above the previous day’s closing level.
Thomas Altmann of QC Partners expressed concern, noting that the DAX had just experienced its first January‑to‑February trading day since September in which it fell more than two percent. Despite the index hitting a new annual low, trading volume reached a new yearly high, indicating that buyers continue to enter the market even on price declines. “Only the threshold for buying keeps moving downward over time” he added.
Today marks the end of January for the year 2026. The DAX’s performance over the month remains undecided, though it began the year twelve months ago with a 9.2 percent increase.
From a German economic perspective, the highlight is today’s preliminary inflation figure for January. Price growth is estimated to have stalled in January, but the annual rate is still expected to have risen because the year‑ago price change was a 0.2 percent decline. This suggests that inflation will be around the ECB’s 2 percent target.
In addition, Germany’s GDP data for the fourth quarter will be released. According to forecasts, the German economy is likely to close 2025 with modest growth.
The decline in risk appetite is also reflected in Bitcoin’s price. Yesterday’s drop of 11 percent is the largest loss seen so far this year. Euro‑denominated investors in Bitcoin are hit even harder: because the Bitcoin price is quoted in US dollars, the weak dollar adds an additional currency‑conversion loss. In euros, Bitcoin has fallen 37 percent from its October all‑time high, making it as cheap as it was during the April sell‑off, Altmann noted.
The euro weakened on Friday morning: one euro was worth 1.1937 US dollars, and conversely one dollar could be exchanged for 0.8377 euros.
Gold was steeply in reverse mode. In the morning, a fine ounce fetched $5,163-about 4 percent lower-equaling €139.05 per gram.
Oil fell significantly. At around 9 am German time, a barrel of Brent crude from the North Sea was priced at $69.65, 10.6 cents or 1.5 percent lower than the previous trading day’s close.