Stock market: Dax faces weak start, Bitcoin reaches new record price

The DAX started trading lower on Thursday. The leading index opened down 0.3 percent at 24,035 points. On Wednesday, the German leading index continued its record run, closing 0.4 percent higher at 24,122 points. Stock market participants vacillated between hopes for further agreements in the tariff dispute and concerns about the lack of progress.

On Wall Street, the high level of US debt weighed on investor sentiment. On Wednesday, sales of US Treasury bonds stalled, leading to sharp price losses and yield gains on the US bond market. Major stock indices subsequently closed significantly lower.

On Thursday, the European Central Bank (ECB) will publish the minutes of its most recent interest rate meeting on April 16 and 17. Investors hope this will provide insight into the euro central bank's future course of action.

Also in focus is the sentiment barometer of the Munich-based Ifo Institute. Sentiment among the executive suites of companies in Germany also improved slightly in May. The Ifo Business Climate Index rose to 87.5 points, up from 86.9 points in April, marking the fifth consecutive year, the Munich-based Ifo Institute announced on Thursday in its survey of approximately 9,000 executives. Economists surveyed by the Reuters news agency had expected 87.4 points.

While companies were somewhat more skeptical about the current situation, they were less pessimistic about their future business. "The recent sharp rise in uncertainty among companies has subsided somewhat," said Ifo President Clemens Fuest . "The German economy is slowly regaining its footing."

On the corporate side, the focus is on annual general meetings of companies such as Brenntag, Fresenius Medical Care , and Deutsche Bank. In the US, investors are looking ahead to the annual investor meetings of the home improvement chain Home Depot, the brokerage firm Charles Schwab, and the mobile phone provider Verizon, among others.

Investor concerns about the US's high level of debt put significant pressure on US stock markets on Wednesday. The Dow Jones Industrial Average closed 1.9 percent lower at 41,860 points. The broader S&P 500 lost 1.6 percent to 5,844 points, and the Nasdaq technology index lost 1.4 percent to 18,981 points.

Stock market participants are awaiting the outcome of a crucial debate over US President Donald Trump 's tax cut plans. Analysts say the package could increase the US debt, currently at $36.2 trillion, by another $3 to $5 trillion. The House Rules Committee has scheduled a hearing to overcome intra-party differences over tax relief for residents of some US states.

The top-performing cryptocurrency rose by 3.3 percent on Thursday to a new all-time high of $111,862.98 . Bitcoin has gained more than 7 percent since Monday. According to stock market experts, the price rally is partly due to the recent easing of the trade war between the US and China . Experts also support speculation about further deregulation in the US.

Oil prices were little changed in early trading on Thursday. They had initially risen sharply the previous day after the US television network CNN reported on the Israeli government's considerations regarding a possible attack on Iranian nuclear facilities. In the afternoon, however, a surprising increase in US oil reserves caused a countermovement.

A barrel (159 liters) of North Sea Brent crude for delivery in July cost $64.95 this morning, up four cents from the previous day. The price of a barrel of US WTI crude for delivery in June rose similarly sharply this morning, to $61.66.

Last week, crude oil inventories in the US unexpectedly continued to rise. According to government data, crude oil inventories increased by 1.3 million barrels to 443.2 million barrels. This is the second consecutive increase. Analysts had, on average, expected a decline. Rising oil reserves in the world's largest economy typically weigh on oil prices.