Upward trend anticipated for DAX, with emphasis on the Federal Reserve decision and protective investments
In the trading session today, the overall focus is on the Federal Reserve's interest rate decision, scheduled for the evening. According to market expert Andreas Lipkow, traders are particularly interested in defensive sectors, with SAP shares being a notable point of interest.
The broader market is unlikely to move much until the Fed's decision is announced. The trading day's data calendar remains quite light, contributing to the subdued trading activity.
Oil prices saw a dip today, with a barrel of Brent crude from the North Sea trading at $68.02 at 12 PM German time, down $0.45 or 0.7 percent from the previous close.
The Dax index started off positively but lost most of its gains by midday. At around 12:30 PM, the Dax was calculated at approximately 23,365 points, up 0.2 percent from the previous trading day. SAP, Rheinmetal, and Merck were leading the gains in the Dax, while Symrise, Mercedes-Benz, and Volkswagen were at the bottom.
In the NASDAQ Composite index, ADTRAN (-10.11%), Neogen (-6.03%), Powell Industries (-3.99%), 1-800-FLOWERSCOM (-3.13%), and ACADIA Pharmaceuticals (-2.80%) were among the companies that lost the most value during the day. In Germany, among major indices, Deutsche Bank (-3.10%) and Commerzbank (-2.96%) were among the largest losers in the DAX, while in the MDAX, HENSOLDT (-3.35%) and RENK (-2.68%) showed notable losses.
Traders are picking up SAP shares, which came under selling pressure during the previous market correction. The euro was slightly weaker on Wednesday afternoon, with one euro worth 1.1843 US dollars and one dollar equivalent to 0.8444 euros.
The Fed's interest rate decision is still expected in the evening, as stated earlier in the day. The trading day's data calendar is quite light, ensuring that the focus remains on the Fed meeting.
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