Dax aktuell: Dax startet positiv in den Handel – US-Inflationsdaten entscheidend

The German benchmark index opened modestly higher at 25,457 points on the week's final trading day, marking a 0.4% gain. Recent high oil prices and the European Central Bank's decision to raise the deposit rate from 2.25% to 2.50% had previously weighed on investor sentiment. The ECB's action was aimed at combating inflation. Following the announcement, the Dax fell 0.8% to 25,361 points in the first trading session on Friday.

Investors now anticipate another interest rate hike in December. Oil prices surged overnight on Friday, with Brent crude reaching nearly $110 per barrel, its highest level since May. This increase was triggered by new attacks on tankers in the Strait of Hormuz and clashes between Yemeni Huthi militias and Saudi-supported forces, which are vital shipping routes for oil and liquefied natural gas.

Brent oil briefly settled around $105, slightly lower than the previous night. Fighting has intensified across the Middle East over the past two weeks. Brent crude has risen nearly 80% year-to-date, but remains below its war-induced peak of over $126 per barrel in April. European gas prices and tanker freight rates have also seen a sharp rise.

Refined products such as diesel have been hit the hardest, driven by the conflict between Russia and Ukraine. In the United States, the average price of a gallon of diesel hit $6 for the first time, according to the Gasbuddy analysis portal. In Iran, the Huthi militia supported by Iran took control of the Yemeni port of Mukalla, posing a new threat to shipping traffic in the Red Sea.

Saudi Arabia views this as a significant concern, as the Red Sea route is crucial for oil exports. Analysts fear this escalation could lead to prolonged disruptions in the region. Priyanka Sachdeva from broker Phillip Nova noted that the key question is whether the market can stabilize below $120 or if further supply disruptions could push oil into a new price regime.

The US inflation data is expected in the afternoon, which will likely determine whether the Federal Reserve (Fed) raises interest rates at its next meeting on Wednesday. Markets anticipate consumer prices to rise 3.4%, while core inflation is expected at 2.4%. Market expectations have been volatile in recent weeks due to the communication style of the new Fed Chair Kevin Warsh, who refrains from giving clear indications about potential rate hikes.

As the inflation figures are released, around 70% of traders expect a rate hike. Key figures to watch: Gea: Shares of the engineering firm rose 1.5%, with Barclays upgrading the stock to "Overweight" from "Equal-Weight." Flatexdegiro: Shares of the online broker declined over 7%, marking the biggest loser in the MDax. The company announced on Thursday that its supervisory board chairman, Hans-Hermann Lotter, had stepped down with immediate effect.

Stefan Müller was appointed as interim supervisory board chairman. The sudden changes in the supervisory board reportedly weigh on investor sentiment.