The Dax index dipped slightly into negative territory on Wednesday afternoon after an initially sluggish morning. At about 12:30 PM, the leading index stood at approximately 24,010 points, representing a 0.1 percent drop from the previous day’s closing level. Bayer, Merck, and Rheinmetall topped the list of most gainer stocks, while FMC, Airbus, and Deutsche Bank recorded losses.
Andreas Lipkow, Chief Market Analyst at CMC Markets, observed that, overall, the quarterly figures suggest a positive trend, despite some exceptions. He added that ASML’s results are being viewed positively, which is lifting the European semiconductor sector. Furthermore, the earnings reports from Stellantis and Schaeffler could help maintain positive momentum in the automotive sector. It appears that certain industries have passed their lowest point. This trend, Lipkow noted, was hinted at at the beginning of the year and continues despite the conflict in Iran.
However, Lipkow advised watching how inflation rates develop amid higher energy prices. He pointed out that preliminary data on European industrial production was slightly better than expected, showing a year-on-year decline of only 0.6 percent, rather than the anticipated one percent drop.
Meanwhile, the European common currency was weaker at midday on Wednesday: the euro cost $1.1786, meaning the dollar was available for 0.8485 euros.
Oil prices rose in the interim. A barrel of Brent crude oil, priced at around 12 PM Central European Time, cost $95.98, marking a 1.3 percent increase compared to the previous trading day’s close.