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Stock exchange: Dax remains at record level, Bitcoin weaker

The Dax should start trading on Wednesday with slight gains. The broker IG estimated the German leading index a good two hours before the opening with plus 0.14 percent to 15,945 points. This means that the index remains below the round mark of 16,000 points for the time being this week, which it crossed for the first time on Friday.

Overall, investors are taking things a little easier after the record high. The worldwide spread of the virus variant Delta and also geopolitical risks after the change of power in Afghanistan urge caution. Bargain hunters could, however, still use lower prices to get started.

Dax, Dow and stocks at a glance: Click here to go to the stock market

US stock exchanges with losses after chasing records

After new price records at the beginning of the week, the corona pandemic put the US stock markets under pressure on Tuesday. In addition, there was surprisingly weak data from the important retail trade. The leading index Dow Jones Industrial, which had reached another record high in the last few minutes of trading the previous day, lost 0.79 percent to 35,343 points. The market-wide S&P 500, which had also reached a record high at the beginning of the week, fell 0.71 percent to 4448 meters. The technology-heavy Nasdaq 100 fell 0.91 percent to 15,002 points. The selection index temporarily slipped to its lowest level in two weeks and moved further away from the record high of early August.

Recovery in Asia

Asian stocks are initially quoted more firmly on Wednesday. The revival of the economy due to increasing vaccination rates pushed investors’ concerns about the spreading delta variant into the background. “The narrative that economic growth will peak in the second or third quarter has caught on,” said Kerry Craig, global markets strategist at JPMorgan Asset Management. The Nikkei index, which comprises 225 values, was 0.6 percent higher at 27,580 points. The broader Topix index rose 0.7 percent and stood at 1929 points. The Shanghai stock exchange was up 0.5 percent. The index of the most important companies in Shanghai and Shenzen gained 0.5 percent.

Bitcoin is slipping again

The cryptocurrency Bitcoin is giving way again. Most recently, the world’s oldest and best-known digital currency was quoted on the Bitstamp trading platform b2 percent weaker at 45,400 US dollars. Last Saturday, Bitcoin climbed to its highest level since mid-May at $ 48,190. Six weeks ago, Bitcoin was trading below the $ 30,000 mark and has since recovered significantly.

A similar price recovery was also evident in numerous other cryptocurrencies, so that the total market capitalization rose above the two trillion dollar mark for the first time since May.

Oil prices stop falling

Oil prices rose somewhat on Wednesday and thus ended the downward slide of the past four trading days for the time being. A barrel (159 liters) of North Sea Brent cost US $ 69.33 that morning. That was 30 cents more than the day before. The price of a barrel of the American West Texas Intermediate (WTI) rose 27 cents to $ 66.86.

Market observers explained the slight price increase with the recent development of the oil reserve in the USA. The evening before it became known that the American Petroleum Institute (API) association had recorded a drop in inventories of just under 1.2 million barrels in the past week. Falling oil reserves usually support oil prices. Official inventory data from the US government is expected in the afternoon and should provide new impetus for the oil market.

Previously, worries about measures to contain the corona virus had weighed on oil prices several times. Especially the development in China with the temporary closure of port facilities created a nervous mood. In addition, economic data from the US and China, the two largest economies in the world, were disappointing in some areas, which had increased the pressure on oil prices.

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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