Between high oil prices and quarterly figures: The German leading index is able to iron out the initial losses and is looking back towards the 24,000 point mark.
The DAX started Thursday trading 1 percent lower at 23,715.71 points. He then limits the losses so that he is now trading at the zero line. He can also temporarily recapture the 24,000 mark, which is the focus of attention.
Oil prices as a burden
Investors on the stock market are increasingly worried on Thursday. Rising oil prices are a burden. North Sea Brent oil recently cost $125, the highest level since the start of the Iran war. In view of the resulting inflation risks, possible interest rate increases are now being taken more into account by market participants. This also pushes the DAX further downwards.
The number dance continues
The reporting season continues in full swing on Thursday. Domestic investors have to digest numerous balance sheets from tech giants in the USA, where Alphabet, Amazon, Meta and Microsoft opened their books after the trading session. In Germany, the focus is now on quarterly reports from BASF, DHL, Volkswagen and MTU Aero Engines.
ECB announces interest rate decision
After the Fed comes the ECB: As expected, the US Federal Reserve left the key interest rate unchanged the evening before. Inflation is also becoming an increasingly explosive issue in the United States. This Thursday, the interest rate decision of the European Central Bank (ECB) is on the agenda in the afternoon. The ECB is also unlikely to change key interest rates again. Economists expect that the central bank will initially wait to see the economic effects of the Iran war.
German economy defies Iran war
Economic growth in Germany increased in the first quarter. As the Federal Statistical Office (Destatis) announced in an initial estimate, the price-adjusted gross domestic product (GDP) rose by 0.3 percent compared to the previous quarter, seasonally and calendar adjusted, and was also 0.3 percent above the level of the previous year’s quarter, calendar adjusted. Economists surveyed by Dow Jones Newswires had forecast quarterly growth of 0.2 percent and an annual growth rate of 0.3 percent.
DAX record last in January
The gap to record levels remains on the German stock market. On January 13th, the DAX reached an all-time high of 25,507.79 points. Ultimately, it ended trading that day at 25,420.66 points, which also set a record based on the closing price.
Claudia Stephan, Alexandra Hesse, Evelyn Schmal, finanzen.net editorial team with material from dpa-AFX and Dow Jones Newswires
