Certificates: “Making a Difference in the Middle East and Hungary”

The conflict in the Middle East has dominated trading in certificates over the past few weeks. Depending on the news, investors are betting on rising or falling oil prices. The election in Hungary is also having an impact on trading.

April 16, 2026. FRANKFURT (Frankfurt Stock Exchange). “Commodities remain in the spotlight,” reports Julius Weiss of HSBC. Currently, a highly leveraged open-end turbo long on Brent crude oil (<DE000HM4HZY0>), which was newly issued just a week ago, is particularly popular. However, in the wake of the current ceasefire, bets are not only being placed on rising oil prices. According to Markus Königer of ICF Bank, for example, an unlimited turbo put warrant on Brent crude oil was in high demand (<DE000PK8FSX4>).

Overall, trading has calmed down somewhat over the past four weeks compared to the first half of March. Weiss notes a decline of around 20 percent in trading volume. However, sudden sharp movements would “immediately lead to increased trading.” Königer also describes the situation as “relatively quiet.” In his experience, this is likely due to the typical behavior following a sharp price decline. If investors have gotten burned, they tend to hold back a bit more in the short term. Currently, however, the trader is already seeing more activity on the long side of the stock markets. “Some players want to ride the current trend.”