After it became known on Sunday evening that Opec+ wanted to lower the production target for 2024 by almost 1.4 million barrels per day, the oil price rose significantly in the morning and was at its highest level in a month. In the late afternoon, the Bundesbank announced further rate hikes. In order to get the high inflation behind you, you need “a sufficiently high interest rate level,” said Bundesbank boss Joachim Nagel on Monday in Bochum at the Institute for Credit and Finance (IKF).
“From today’s perspective, several rate hikes are still necessary,” said Nagel. The Dax then gave way around 4 p.m. and slipped below the 16,000 point mark. “This means that the index again fails to capitalize on the gains it made at the end of last week,” commented analyst Konstantin Oldenburger from CMC Markets on the day’s events.