The DAX began its trading day on Monday with losses. At approximately 9:30 AM, the leading index was calculated at around 24,395 points, representing a drop of 1.2 percent compared to the closing level on Friday. The top performers on the list included RWE, Eon, and Commerzbank, while the bottom performers were Siemens Energy, Deutsche Bank, and SAP.
Jochen Stanzl, Chief Market Analyst at Consorsbank, noted that mounting tensions concerning the Strait of Hormuz reopening might increase market volatility again at the start of the week. He added that investors anticipate a potential closure of the strait as part of negotiations, and it is unlikely that the situation will develop without setbacks. As long as Iran continues to fire at vessels and the uncertain end of the ceasefire approaches, market nerves are not expected to ease.
Meanwhile, the European common currency strengthened on Monday morning. The euro cost 1.1771 US dollars, meaning the dollar was available for 0.8495 euros.
Oil prices also rose. A barrel of North Sea Brent crude oil cost $95.01 around 9 AM German time, marking a 5.1 percent increase from the previous day’s close.