The DAX began Wednesday morning on a positive note. Around 9:30 a.m. local time, the main index was calculated at roughly 25,120 points, up 0.5 % from the previous day’s close. At the top of the daily performance list were Rheinmetall, Siemens, and Siemens Energy; at the bottom were Bayer, Brenntag, and BASF.
According to Jochen Stanzl, chief market analyst at Consorsbank, volatility in the equity market remains high in both directions. He added that the DAX is already making its seventh attempt in four weeks to breach the 25,000‑point threshold, after having appeared susceptible to a sell‑off just yesterday afternoon. Stanzl noted that the shift in sentiment is being driven by movements on the New York Stock Exchange, where a sudden turnaround was observed.
Stanzl cautioned that it will be seen whether this upward movement is sustainable. “The recovery seen yesterday could quickly dissipate without follow‑up buying” he said. For the past several days, the DAX has been playing a cat‑and‑mouse game with short‑term traders, luring them alternately into traps on each side of the market.
The euro was a bit weaker early Wednesday. One euro bought 1.1837 U.S. dollars, which translates to 0.8448 euros for one dollar.
Over at energy markets, Brent crude oil rose. An eight‑barrel barrel of North Sea Brent fetched 67.65 U.S. dollars at around 9 a.m. German time, a rise of 23 cents-or 0.3 %-above the previous close.