Wednesday, 5 July 2017

What’s next? – DAX 05.07.17

Posted by Anonymous at 10:54 Labels:

DAX

The DAX index futures were 0.28 percent lower by 05:00 GMT to trade at 12,448 points, with traders awaiting further economic data in the day.

The German index closed at 12,437.13 in Frankfurt on Tuesday, easing 38.18 points or 0.31 percent, with telecoms, retail and food & beverages pushing lower.

Among best performers, Deutsche Bank AG NA O.N. soaring 1.86 percent to 16.395, Henkel & Co KGaA AG Pref moving 0.46 percent to 121.10 and Allianz SE VNA O.N. up 0.43 percent to 176.65.

Heading south, Lufthansa AG VNA O.N. falling 1.06 percent to 20.035, followed by Siemens AG Class N easing 1.02 percent to 121.85 and Deutsche Telekom AG Na notching down 0.95 percent to 15.675.

The new week began with manufacturing PMI for June cheering investors as it outperformed expectations at 59.6 percent, compared to 59.3 initially forecasted.

The index remains below the 12,500 mark, hovering around it but being unable to develop enough bullish momentum to cross it. German stocks are facing to problems at the time: lack of economic events and a hawkish ECB on monetary policy tightening.

Investors of the world’s first economy have been repeatedly warned by ECB Mario Draghi that it should prepare for an eventual reduction of its massive Quantitative Easing program.

The DAX index will likely continue to fight with the 12,500 level for quite some time. In the session, German services PMI for June is due at 07:55 GMT. Investors will also be paying close attention to the release of Fed’s June meeting minutes as of 18:00 GMT.

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