Holiday trade is being delayed at noon by Dax.
Market Summary: DAX Clings to Gains on Ascension Day
The German DAX index maintained its momentum in the green zone on Ascension Day, marking a positive start to the trading day. By around 12:30 PM, the leading index was approximated at roughly 24,110 points, registering a 0.3 percent increase relative to the previous day's closing levels.
Leading the price list were companies such as Adidas, Infineon, and Daimler Truck, while Vonovia, Zalando, and Heidelberg Materials found themselves at the bottom. The latter faced a dip due to the trading of Vonovia shares with a dividend discount.
The ongoing controversy over U.S. tariffs, following a U.S. court ruling deeming most of the Trump administration's tariffs illegal, remains a focal point on the trading floor during the holiday. Andreas Lipkow, a market expert, commented, "The issue is not entirely resolved, but the tension has eased somewhat, enabling states to take a temporary respite. It will be intriguing to observe whether market participants retain their appetite for investing in European stocks moving forward."
The European common currency witnessed a slight weakening on Thursday afternoon, with one euro equating to 1.1287 US dollars and one dollar equivalent to 0.8860 euros.
Oil prices saw a significant increase during the same period, with a barrel of North Sea Brent crude trading at $65.71 USD at 12:00 PM German time, marking an 81-cent or 1.3 percent increase from its previous day's closing price.
In the larger economic context, the uncertainty created by the U.S. tariff debate has persisted, yet investors exhibit a sense of cautious optimism, investing less out of panic compared to previous instances. The new German government's investment program has contributed positively to market sentiment, as has the growth witnessed in the defense sector such as Renk, due to increased military spending.
The ongoing U.S. tariff debate, despite its lingering uncertainty, has not deterred the cautious optimism in the finance industry, with investors cautiously investing in European stocks. The new German government's investment program and growth in the defense sector, such as Renk due to increased military spending, have positively influenced business sentiment.
