FRANKFURT (dpa-AFX) - Nearly two weeks after the outbreak of conflict in Iran, investors continue to shun risk in German equities. They remain cautious ahead of the weekend due to potential further developments in the Middle East, a sentiment reinforced by persistently high oil prices. Market indicators in Asia were also negative at the close of the week.
In early trading on Friday, the Dax slipped by one percent to 23,366 points. On a weekly basis, the German benchmark index is on track for a similarly significant loss - primarily driven by a bleak Monday, when it plummeted to 22,927 points, its lowest level since May. The MDax fell by 1.2 percent to 28,882 points in the morning, while the Eurozone index, the EuroStoxx 50, lost one percent.
Oil and gas prices remain critical to mounting economic and inflationary concerns. Since Thursday, the price for a barrel of North Sea Brent has been fluctuating at a high level around the 100 US dollar mark, while Iran continues to threaten further attacks on the oil and gas infrastructure of the Gulf region despite massive strikes by the USA and Israel./tih/jha
