Friday, 7 July 2017
What’s next? – DAX 07.07.17
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what’s next
DAX
The DAX index futures were 0.91 percent lower on Friday by 05:50 GMT to trade at 12,337 points as market participants turned their attention to employment stats in the US.
Germany stocks settled in red territory on Thursday, with Technology, Media and Utilities weighing on the DAX and leading other sectors to the downside.
Among best performers, Commerzbank AG O.N. adding 3.32 percent to 11.200, followed by Deutsche BankAG NA O.N. up 2.05 percent to 16.695 and Volkswagen AG VZO O.N. edging up 1.81 percent to 138.10.
On the other side, Prosiebensat 1 Media AG became the worst performer by easing 3.53 percent in the session to end at 34.965. E.ON SE NA was down 1.81 percent at 8.079 and Merck KGaA fell 1.73 percent to 102.40.
In economic news, Germany factory orders rose by 1.00 percent in May, falling short from expectations for a 2.00 percent increase but above a prior reduction of 2.2 percent.
The second biggest economy in Europe came under pressure following the release of ECB’s Account of Monetary Policy for June. The document showed policymakers have started to consider a possible reduction of its massive bond buying program.
The report confirmed the hawkish rhetoric of ECB President Mario Draghi, who has recently hinted on monetary adjustment considering the continuing improvement of the regional economy.
The index remains in consolidation below the 12,550 mark and it’s likely to continue in this stage for an extended period of time, at least until new market catalysts came into play.
Ahead in the session, traders will pay attention to German industrial production figures at 06:00 GMT and a batch of employment data in the United States as of 12:30 GMT.
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