Oil prices surge as DAX opens positively at the start of the week
The German stock market, as represented by the DAX index, started the new week on a positive note, with a 0.7 percent increase from Friday's close. The index was calculated at around 13,170 points at approximately 9:30 AM.
Monday morning saw a mixed performance among DAX companies. The largest losses were incurred by Siemens, RWE, and Eon stocks, with Siemens being among the biggest decliners. However, Rheinmetall and Commerzbank bucked the trend, posting gains. Other notable stocks, such as Siemens, Henkel, Vonovia, and Deutsche Börse, also experienced significant losses in the initial trading minutes.
Conversely, the shares of companies like Adidas, BMW, and Allianz were particularly notable for their gains. BMW's shares were up by 1.9 percent, while Allianz's shares were up by 0.9 percent.
The mixed performance can be attributed to a few factors. Declining COVID-19 infection numbers and ongoing hope for a vaccine led to gains for almost all DAX stocks. On the other hand, investors are hoping for an extension of the current production cuts by the OPEC+ group, which could potentially impact the share prices of oil-related companies. This is evident in the 1.7 percent increase in the price of a barrel of Brent crude, which cost $43.70 on Monday morning.
Notable losses were also seen in the share price of Vonovia, which was specifically 3.2 percent lower. The share price of Deutsche Börse was 1.5 percent lower as well.
The European common currency was slightly stronger, with one euro costing $1.1859 on Monday morning, an increase of 0.18 percent.
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