An escalation in tensions between Ukraine and Russia dampened sentiment in European markets causing the DAX to slip close to a percent. Markets also worried about the composition and approach of the new Trump administration, the health of the corporate sector as well as the slower-than-expected rate cuts by the Federal Reserve.
Data released earlier in the day confirmed the annual inflation in the Euro Area at 2 percent in October, versus 1.7 percent in September and in line with the preliminary estimates.
The forty-scrip DAX index is currently trading 0.95 percent lower at 18,987.35, versus the previous close of 19,170.41. The day’s trading ranged between a high of 19,206.54 and a low of 18,939.75.
In the 40-scrip index, only 8 scrips are trading in the overnight green zone.
Rheinmetall has surged 2.8 percent followed by E.ON that has gained 1.7 percent. BMW and Symrise have both gained more than 0.60 percent in the day’s trading.
Siemens topped losses with a decline of 3.3 percent. Infineon Technologies, Siemens Energy, Daimler Truck Holding, Volkswagen, Commerzbank and BASF have all lost more than 2 percent. Airbus Group, Daimler, Deutsche Post and Heidelberg Cement have all erased more than 1.5 percent in the day’s trading.
The EUR/USD pair has slipped 0.35 percent and is currently trading at 1.0562 after ranging between 1.0524 and 1.0601. The EUR/GBP pair has edged down 0.02 percent to 0.8358 whereas the EUR/JPY pair has dropped 0.91 percent to 162.43.
In tandem with the global easing in bond yields, German bond yields decreased 2.9 percent. The same is at 2.3030 percent versus 2.372 percent at the previous close. Yields ranged between 2.2675 percent and 2.3715 percent in the day’s trading.
DAX Slips As War Worries Return
2024-11-19 11:24:14
