Friday, 30 June 2017

What’s next? – DAX 30.06.17

Posted by Anonymous at 10:46 Labels:

DAX

The DAX index futures were 1.94 percent lower by 06:00 GMT to trade at 12,397.00 points, remaining under heavy pressure as traders reacted to hawkish comments from central bankers regarding a possible reduction of monetary policy stimulus programs.

On Thursday, the index ended 1.83 percent higher in Frankfurt, marking a one-month low at 12,416.19 points, with Technology and Utilities pushing other sectors to the downside.

Among best performers of Thursday’s session, Commerzbank AG O.N. adding 1.32 percent to 10.395, followed by Deutsche Bank AG NA O.N. up 0.54 percent to 15.825.

On the loser's side, Infineon Technologies AG NA O.N. sinking 3.65 percent to 18.355, RWE AG ST O.N. down 3.23 percent to 17.385 and Beiersdorf AG O.N. plunging 3.22 percent to 92.020.

In economic news, Germany’s consumer climate for July came in above expectations at 10.6, against 10.4 seen. Also, consumer price index for June was up 0.2 percent, outperforming expectations for an unchanged result and a previous minus 0.2 percent.

The extension of the downward movement could be attributed to several factors. From a fundamental perspective, hints on reducing stimulus. From a technical view, breaking down a key support at 12,500 was certainly incentivizing bearish positions in the prior session.

As the index continued to break the 12,400 and 12,300 levels, bears felt progressively more confident about the correction, which served as an excuse to increase their short positioning.

Ahead in the session, traders will be looking at further economic reports, such as the German unemployment rate, EU’s consumer price index and US PCE index and consumer spending.

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