The speech by Jerome Powell at the Jackson Hole central bankers' conference delivered the long-awaited impulse. Although the market was already anticipating upcoming interest rate cuts, the relief was palpable. The DAX managed to turn positive, closing with a 0.29 percent gain at 24,363.09 points. However, caution is advised: the positive weekly result is deceptive. In after-hours trading, the DAX gave back its gains, and couldn't hold above the crucial 24,400-point mark. This could be an early sign of profit-taking, suggesting the market is not yet ready to take on full risk despite the new momentum.
Commerzbank Plummets – Daimler Truck Soars: Winners and Losers
Friday showed a clear market split. The winners were the shares of Daimler Truck AG, Zalando, and Brenntag. The Commerzbank stock, however, suffered from speculation of upcoming interest rate cuts, which tend to make banks' business less profitable. Its price fell by 3.8 percent, though the stock's strong uptrend remains intact. While Zalando is still caught in its downtrend, the share at least gained some ground, sparking hope of a bottoming-out process.
DAX at a Crossroads: Is 24,400 Points Enough for a Record High?
For the start of the week, it remains to be seen how the market will process Powell's impulse. The 24,400-point mark is a decisive hurdle: a sustained break above it could attract fresh capital. However, the current chart suggests an indecisive start to the week. Whether the DAX can still reach its all-time high in August depends on whether the buyers can assert themselves.
Will the DAX break the 24,400-point hurdle, or will skepticism prevail?
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