Monday, 3 July 2017
What’s next? – DAX 03.07.17
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what’s next
DAX
The DAX index futures were 0.63 percent higher by 06:50 GMT to trade at 12,397.50 points, holding previous week gains as market players looked ahead fresh economic reports.
The index closed hit a new one-month low on Friday to close at 12,325.12 in Frankfurt, with Chemicals, Utilities and Telecoms pushing downwards, while Technology, Consumer Goods and Food & Beverages contributing to gains.
On the upside, Adidas AG adding 2.07 percent to 167.75, Infineon Technologies AG NA O.N. soaring 0.71 percent to trade at 18.485 and Lufthansa AG VNA O.N. up 0.66 percent to 19.925.
Bayer AG NA was the session’s biggest loser, easing 4.15 percent to 113.20, followed by Deutsche Bank AG NA O.N. down 1.90 percent to 15.525 and Bayerische Motoren Werke AG falling 1.74 percent to 81.280.
In economic news, German retail sales for May rose 0.5 percent in May, more than an initially estimated 0.3 percent growth rate and a previous reduction of 0.2 percent. The unemployment rate held steady at 5.7 percent, in line with market analysts’ expectations.
Today, traders will be paying attention to the German manufacturing PMI, with 59.3 eyed. On Wednesday, the services PMI will be available as of 07:55 GMT.
On Thursday, a new reading on factory orders is set for release at 06:00 GMT. And by the same time on Friday, industrial production will be published, with an expected increase of 0.3 percent.
Last week, the German index came under pressure following hawkish remarks from ECB President Mario Draghi, who hinted about a possible reduction of the bank’s QE policy.
The DAX broke the 12,550 support and was able to recover a few points below that mark. Today, we’re expecting the recovery to extend and see further consolidation on a positive bias.
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