Dax Starts Slow on German Unity Day; Oil, Gold Prices Rise
Markets have seen a mix of movements today. The US government shutdown has led to the postponement of US employment data release, while the Euro has strengthened slightly against the US Dollar. The Dax has started the day with limited momentum on German Unity Day.
The Dax began the day at around 24,460 points, a mere 0.2 percent above the previous day's close. This lacklustre start continued until midday, with the index showing limited dynamism. Shares of Zalando, Deutsche Börse, and Bayer were among those in the red, while Commerzbank, Deutsche Bank, and Daimler Truck led the price list.
The oil price, however, bucked this trend, rising to 64.51 US dollars per barrel of North Sea Brent crude, a 0.6 percent increase from the previous day. This uptick was partly driven by a fire at a major US refinery on the West Coast, which processes over 276,000 barrels of crude oil per day. The incident has led to stabilizing effects on the oil price, alongside ongoing buying interest for Brent oil.
The gold price also saw a slight increase, with an ounce of fine gold trading at 3,863 US dollars, a 0.2 percent rise. This translated to 105.82 euros per gram.
Despite the Dax's slow start and the losses incurred by some prominent shares, the oil and gold prices have shown resilience. The US government shutdown has led to the postponement of key economic data, which may impact market sentiment in the coming days. Traders will have to wait for the US employment data release, scheduled for later in the week.
