30 p..m., which was roughly 1.9 % below the previous day’s close. The top performers were Deutsche Börse, Rheinmetall, and RWE, while the lower‑end names were Deutsche Bank, Volkswagen, and Continental.
Andreas Lipkow, chief market analyst at CMC Markets, said, “The DAX is currently trading just under 24,900 points and can recover quite noticeably from its opening lows”. He added that, despite sharply rising energy prices, the index’s declines remain largely contained. “Investors are now specifically watching how long the higher oil price levels will persist and how the euro‑dollar pair will develop further. Macro‑economic data are temporarily taking a backseat, and the focus remains on events in the Middle East”.
Lipkow notes that the U.S. President is officially estimating a potential horizon of four to five weeks for the situation. “This would be bearable for the European economy as a whole” he said. “Oil prices between $80 and $85 a barrel are unlikely to create major disruptions for now. Only if the price were to jump dramatically above $100 and remain at that level for several months would it pose a serious factor for Europe’s economic development”.
At midday, the euro was weaker: one euro was worth 1.1732 U.S. dollars, and one dollar was equivalent to 0.8524 euros.
Meanwhile, the oil price rose sharply: one barrel of Brent, the North Sea benchmark, cost about $78.58 at 12:00 German time, which was 7.8 % higher than the previous day’s closing price.