Wednesday, 9 August 2017

What’s next? – DAX 09.08.17

Posted by Valentine at 11:23 Labels:

DAX

The DAX futures traded 0.80 percent lower at 12,188.50 points as of 07:15 GMT on Wednesday, with the index struggling for direction ahead of key inflation data in the US.

German stocks were mixed in Frankfurt on Tuesday, leaving the benchmark at 12,292.05, with utilities, transportation and basic resources pushing to the upside, while financials, technology and construction pushed it downwards.

Best performers of the session were RWE AG ST O.N., which added 1.83 percent to 18.900, followed by E.ON SE NA rising 1.69 percent to 8.902 and Deutsche Post AG NA O.N. up 1.29 percent to end at 34.595 by the closing bell.

To the downside, Heidelbergcement AG O.N. easing 1.45 percent to 81.630, Commerzbank AG O.N. falling 0.64 percent to 11.595 and Linde AG O.N. (DE:LING) down 0.62 percent to 160.55.

Technical indicators are giving a buy/strong buy signal in the hourly chart, with first resistance at 12,349.07 and support at 12,254.33. The pivot point is found at the 12,286.15 mark.

There are no relevant reports expected in Germany on Wednesday. Investors will be paying attention to US unit labor costs and nonfarm productivity for the second quarter, both due at 12:30 GMT, with a 0.7 percent and 1.2 percent build seen.

Main focus remains on the producer price index and consumer price index set for Thursday and Friday respectively. These figures would provide extra guidance over Fed’s plans for monetary policy, including a possible third rate hike by December.

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