Germany’s DAX benchmark dropped from the record high recorded on Wednesday, amidst anxiety ahead of the European Central Bank’s monetary policy decision and the disappointment over the decline in the Business Climate Indicator readings. The ECB decision is due later in the day.
Data released earlier in the day showed the Ifo Business Climate indicator dropping to 85.2 in January, versus a revised 86.3 in the previous month and missing the market consensus of 86.7. The reading is also the lowest since May 2020.
The forty-scrip DAX index is currently trading at 16,824.34, having slipped 0.19 percent from Wednesday’s close of 16,856.85. The day’s trading ranged between a high of 16,866.49 and a low of 16,817.00.
In the 40-scrip index, only 8 are currently trading in the overnight positive zone.
Symrise, Fresenius and Zalando have gained more than 1 percent in the day’s trading.
Vonovia tops losses with a decline of close to 2 percent. Infineon Technologies, Siemens Energy, adidas, Volkswagen, Hannover Ruck, Rheinmetall, Porsche, Continental, Merck, Brenntag, Mercedes Benz, Commerzbank, have all slipped more than a percent.
The EUR/USD pair has added 0.09 percent to 1.0893. The Dollar Index meanwhile slipped 0.04 percent to trade at 103.19.
Ahead of the ECB decision, German bond yields increased 0.79 percent. The same is at 2.3675 percent versus 2.3490 percent at the previous close. Yields have touched a 2-month high.
Business News
DAX Drops As ECB Outcome, Business Climate Decline Weigh
2024-01-25 11:03:49
