Wednesday, 30 August 2017

What’s next? – DAX 30.08.17

Posted by Valentine at 11:50 Labels:

DAX

The DAX futures traded 1.24 percent lower at 11,982.5 points as of 04:55 GMT on Wednesday, with players awaiting key reports from Germany and the US later in the day.

The United Nations Security Council unanimously condemned Pyongyang for launching of a ballistic missile over Japan on Tuesday, saying it was an “outrageous” threat to the region.

While the UNSC did not mention any further sanctions or specific measures to respond to the latest missile launch, it strongly asked Pyongyang to halt its missiles and nuclear programmes.

From a technical perspective, the DAX is expected to remain inside the 12,000 - 12,350 range despite strong selling pressure. The benchmark could actually stay inside that tunnel until German elections are held next month and the political scene finds its balance.

The German benchmark settled in red territory on Tuesday, falling 1.46 percent or 177.59  to end at 11,945.88 in Frankfurt, with insurance, industrials and media sectors pushing it downwards.

The best performers of the session were Beiersdorf down 0.08 percent to 88.540, followed by Fresenius with a 0.15 percent loss or 0.110 points to end at 70.990 and Vonovia was down 0.26 to 34.95.

The worst performers of the session were Prosiebensat 1 Media, which dropped 14.53 percent to 27.935, Commerzbank falling 3.26 percent to 10.230 and Thyssenkrupp down 3.09 percent to close at 24.475.

Ahead in the day, traders will be looking at the German CPI for August as of 12:00 GMT, with a 0.1 percent build eyed. Only fifteen minutes later, markets will turn to ADP nonfarm employment figures, with analysts pointing at a 185,000 jobs increase in August.

In a separate report, a revision on the second-quarter gross domestic product is scheduled for release as of 12:30 GMT. Analysts forecasted a 2.7 percent economic growth rate.

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