European Markets Mixed; Dax Near Record High on Ukraine Talks
European markets experienced a mixed day of trading, with some notable movements in individual stocks and indices. The German Dax remained close to its all-time high, while the German benchmark index gained 0.5% to 24,423 points following positive news from Ukraine peace talks.
Zalando was the standout performer in the Dax, gaining over 4% after Baader Bank upgraded the company from 'Add' to 'Buy'. Meanwhile, Stratec's stock also rose by over 4%, despite a decline in revenue and earnings in the second quarter, as it remains on track to meet annual targets.
Verve Group's stock continued its recovery, gaining over 10% in the MDax, following a cut in its outlook at the end of last week. HelloFresh also saw its stock rise by over 7% in the MDax, following a significant drop after a profit warning due to a strong euro.
In the oil markets, Brent crude and US WTI oil prices dropped by up to 1.3% to $65.75 and $62.60 per barrel, respectively, as investors bet on potential sanctions lifting on Russian oil following Ukraine talks.
The Dax remained close to its all-time high of 24,639 points but needs to surpass the 24,500 point chart hurdle to reach it. Defense stocks, such as Rheinmetall, Hensoldt, and Renk, declined due to investors betting on an end to the war following the Ukraine summit in Washington. The market will continue to monitor geopolitical developments and corporate performances for further cues.
