Volatility currently observed in major financial instruments. Source: xStation
The volatility currently seen in the currency market. Source: xStation
The volatility currently seen in the European stock market. Source: xStation
- Tuesday’s trading session on European markets is proceeding in a volatile atmosphere, though one dominated by uncertainty surrounding the five-day ceasefire agreed upon between the U.S. and Iran regarding attacks on energy targets, even though Iran denies that any talks took place and Israel itself continues its attacks.
- The dollar, oil, and gold remain the key indicators of market volatility amid geopolitical turmoil.
- Looking at them now, we can see that today’s session is taking place amid a climate of market skepticism. Oil and the USD are outperforming gold, which may indicate that the market still sees many risks in the coming days.
- OIL and OIL.WTI are up more than 1%, although prices remain below $98 per barrel.
- The USDIDX dollar index is up 0.23%, with currencies from the Southern Hemisphere once again performing the worst, losing 0.67% (AUDUSD) and 0.55% (NZDUSD) against the USD, respectively.
- On the stock exchanges themselves, we don’t see a clear trend, although momentum has turned more bearish in recent minutes. The German DAX 40 is currently down 0.8%, while the French CAC 40 is down 0.7% at the end of the first trading session on Tuesday. The Polish W20 is performing very poorly, with declines of around 1.1% (the biggest loser on the continent).
- When it comes to individual companies, SAP is drawing the most attention from investors. Its shares fell 4% to €147.66, their lowest level in 26 months, making it the worst-performing stock on the DAX index, with a total decline of 29% since the start of the year. JPMorgan analyst Toby Ogg downgraded the stock from “Overweight” to “Neutral” and drastically reduced the price target from €260 to €175, while also removing the stock from the “Analyst Focus List.” He cited the expected slowdown in the growth of the Current Cloud Backlog (CCB) metric, increasing earnings volatility resulting from the business model transformation, and the need for increased investment in the face of intensifying competition, which led him to lower his earnings forecasts for 2026–2028.
- Kepler Cheuvreux and Jefferies also lowered their price targets to €190 and €230, respectively, but both firms maintained their "Buy" ratings, signaling confidence in the company's long-term potential despite short-term challenges.
- Bayer AG shares fell nearly 3% following reports that the investment fund Inclusive Capital Partners is considering selling a block of 8.5 million shares (0.9% of the share capital) worth approximately €327 million, which the market interprets as a signal that Ubben believes the company’s growth potential has been exhausted. As a result, Bayer ranked as the second-worst performer in the main German index.
- Shares of Spain's Puig surged 16% after Estée Lauder and the Spanish beauty group announced they were in talks regarding a potential acquisition.image.jpg
🚩Nasdaq loses again as oil and treasuries yields rebound
Explosions at a Texas refinery – What does the Port Arthur fire mean for the market?
Chart of the Day – Uncertainty Drives Brent Oil Prices (24.03.2026)
Economic Calendar - PMI data takes center stage as oil resumes climb
The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
