DAX 30 Down on Oil Price Fears though Eon one of only 2 Gainers on Index Today

on Nov 28, 2016
Listen

The primary theme influencing European equities today is this week’s meeting between the oil producing nations of OPEC, which is now underway in Vienna with delegates arriving this morning. The DAX 30 is currently down 0.6% with oil prices faltering on doubts a deal on production cuts between OPEC members will be reached. Up until around the middle of last week, positive noises being made by representatives of different OPEC countries had led markets to believe that an agreement on a cap was likely. However, more cautious statements since have quelled confidence.

Despite the drop-off in oil price, energy company Eon is 0.96% up so far today, one of the DAX’s better performers. However, peer RWE is 0.55% down. The index’s two major banks are among the worst performers on Monday morning, with Commerzbank suffering a 2.44% loss and Deutsche Bank down 1.89%. Automobile maker Volkswagen is also off to a rocky start to the week and is down 1.24%, with BMW and Daimler also recording respective 0.72% and 0.8% drops.

With Lufthansa pilots announcing their intention to strike again this week, on Tuesday and Wednesday, after weekend talks over a pay dispute failed to yield any resolution, the company is down 2.18%. Industrial conglomerate Thyssenkrupp also continues the downward trajectory from the end of last week, after ‘cautiously optimistic’ results led to a climb before markets changed their minds. The company is down 1.06% so far today.

There aren’t too many gainers today other than Eon, but Fresenius is the day’s biggest winner, up 0.94%. The medical care group has been enjoying a positive trend since the 23rd and information has come out today that Wells Fargo & Company has upped its stake in the company by 3.7% over the year’s 3rd quarter. As things stand there are no further gainers today. Adidas had been showing a modest uplift but the sportswear brand has since slipped back to a neutral reading.

Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.

Ad

Want easy-to-follow crypto, forex & stock trading signals? Make trading simple by copying our team of pro-traders. Consistent results. Sign-up today at Invezz Signals™.

0/10
Learn more
Oil Commodity Energy Indices Stock Market