European Markets Mixed: Energy Surge, Dax Steady
Monday saw a mixed day of trading in Europe. Energy prices surged, while the Dax index remained largely unchanged. Meanwhile, shares of major companies experienced varied fortunes.
Energy markets were active. Gas prices climbed by six percent to 33 euros per MWh. Oil prices also rose, increasing by 1.4 percent to $65.45 per barrel. This surge in energy costs could translate to consumers, with gas prices potentially reaching eight to ten cents per kWh, including ancillary costs and taxes.
The Dax index was relatively stable, closing at 24,378 points after a slight dip of less than a point from the previous day. Trading was subdued, with below-average volume. Market analyst Andreas Lipkow attributed this quietness to the summer holiday season.
In the stock market, there were notable movers. Rheinmetall, Bayer, and Commerzbank were among the lowest performers, while Hannover Re, Munich Re, and BMW led the gains. Hannover Re shares climbed by 2.7 percent to 264.00 EUR, boosted by positive news. Munich Re shares ended around 566.50 to 567.00 EUR, with a slight decline of about -0.14% to -0.19%. BMW shares lost between 1.6% and 1.8% due to ongoing industry-wide challenges.
The rise in energy prices could impact consumers in the coming months. Despite this, the Dax index remained resilient, closing with barely any change. The stock market saw a mix of winners and losers, with insurance and automotive stocks experiencing notable movements.
