On the day of Donald Trump's swearing-in as US president, stock market investors are only moving with the handbrake on.

The Dax advanced slightly on Monday and reached a new all-time high for the fourth day in a row at 20,931.33 points. However, experts do not expect any major fluctuations before Trump's inaugural address this evening. The EuroStoxx50 was also only slightly up at 5150 points around noon. Wall Street remains closed on Monday due to Martin Luther King Day.

Trump's inauguration is scheduled for 6 p.m. (CET) at the Capitol. After the new US president takes the oath of office, he will give a speech and sign several decrees. The Republican has promised to take numerous measures to boost the economy. At the same time, his tariff threats are causing uncertainty among stock market players. In addition, Trump's plans to cut taxes and expel migrants could drive up inflation again. However, the extent of the announced measures remains largely unclear to experts. "Nobody really knows what he is willing to do and how far he will go," summarized Ipek Ozkardeskaya, chief analyst of the Swiss banking group Swissquote.

RELATIONSHIP BETWEEN THE USA AND CHINA IN VIEW

Among other things, the focus is on the expected tariff negotiations between the U.S. and China. A phone call between Trump and Chinese President Xi Jinping recently provided a hopeful mood. "It's a positive signal for the markets. At least they are still talking to each other," said Jason Chan, strategist at the Bank of East Asia. During his election campaign, Trump had announced tariffs that could intensify tensions between the world's two largest economies. Market participants are now waiting for the start of the trade negotiations and to see what position Xi adopts towards Trump. "The relationship between the two men has become an important early indicator for politics," said Ken Peng, chief strategist at asset manager Citi Wealth.

On the crypto market, investors stocked up on Donald Trump's brand new cyber currency. According to industry service CoinMarketCap.com, $TRUMP rose to $58.56 at times on Monday, reaching a total market capitalization of almost $12 billion. This means that in the three days since its premiere, the crypto currency has risen to number 18 among the most important crypto currencies. In total, more than $52 billion in Trump Coin was traded within 24 hours. Bitcoin was also in demand, climbing by up to 4.2 percent to $109,071.86. After a record break of more than a month, it was once again more expensive than ever.

REPORT ON POSSIBLE JOB CUTS SUPPORTS COMMERZBANK

Among the German individual stocks, Commerzbank shares were in demand, advancing 2.3 percent. According to a report in the Financial Times, the financial institution is considering cutting thousands of jobs. However, a decision has not yet been made.

Meanwhile, Siemens Energy fell by 3.3 percent. The Swiss bank UBS downgraded the electrical and energy technology group's shares to "Sell" from "Neutral".

In the MDax, Hypoport's shares jumped by almost ten percent. The financial intermediary recorded an increase in private real estate loans in the past year.

In the SDax, the EU approval of a biosimilar of the blockbuster eye drug Eylea lifted the share price of its manufacturer, Formycon, by two percent.

(Report by Zuzanna Szymanska, edited by Sabine Ehrhardt. If you have any questions, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and business) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)