BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - The DAX benchmark that tracks the performance of the 40 largest companies listed on the Frankfurt Stock Exchange declined on Thursday amidst escalating tensions in the Middle East as well as concerns about elevated AI valuations. The jump in crude oil prices triggered a broader weakness across European markets. weighing on sentiment.
The DAX benchmark has slipped 1.1 percent overnight to trade at 25,354.16, versus 25,645.04 at the previous close. The day's trading ranged between a high of 25,318.18 and a low of 25,497.94.
In the 40-scrip index, only 13 scrips are trading in the overnight positive territory. Healthcare business Qiagen topped with gains of 5.4 percent. Merck as well as Zalando have rallied more than a percent.
Siemens Energy led losses with a drop of 3.6 percent. Infineon Technologies slipped more than 3 percent. Siemens followed with a decline of 2.4 percent.
Amidst weak economic data from the U.S. and expectations of a pause by the Federal Reserve, the greenback has weakened. The six-currency Dollar Index has dropped 0.14 percent overnight and is currently trading at 101.64, after ranging between 101.45 and 101.66. The index had closed at 101.78 on Wednesday. In tandem, the EUR/USD pair has slipped 0.09 percent to 1.1223 after ranging between 1.1256 and 1.1216. The EUR/GBP pair is trading 0.08 percent lower at 0.8380. Meanwhile, the EUR/JPY pair has plunged 0.81 percent and is currently trading at 176.10.
Ten-year German bond yields have decreased, amidst a mixed trend in much of Europe. Yields are currently at 3.3691 percent, plunging 1.36 percent overnight from 3.4157 at the previous close. Yields ranged between 3.4286 percent and 3.3676 percent in the day's trading.
Flash readings of Consumer Confidence from the Euro Area due on Thursday morning is expected to show a further weakening in the month of October.
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