Friday, 8 September 2017

What’s next? – DAX 08.09.17

Posted by Valentine at 12:48 Labels:

DAX

The DAX futures traded 0.28 percent lower at 12,270.5 points as of 09:05 GMT on Friday, as remarks from ECB President Mario Draghi supported the euro across the board.

Earlier today, Germany’s trade balance came in at a surplus of 19.5 billion euro in July, narrower than an initially forecasted 20.3 billion and below a prior month reading of 21.2 billion euro.

While data has certainly played its part pushing sentiment down, the main bearish factor is the continuous strengthening of the euro. The currency was widely supported by remarks from ECB President Draghi, who said the Governing Council will revise the bank’s QE program in October.

However, Draghi warned that asset purchases will continue to be made until the end of the year and even extended if believed necessary. The ECB opted to leave its current configuration unchanged at a short term interest rate of 0.00 percent and a depositary rate of -0.40 percent.

Also contributing to the downside movement, fears that North Korea will launch a new ballistic missile increased as the communist nation celebrates its founding anniversary on September 9.

The German benchmark closed Thursday in Frankfurt with a 0.67 percent gain, as technology, retail and utilities edged higher.

The best performers of the session were RWE, which added 3.81 percent to 21.385, followed by Adidas rising 2.17 percent to 195.40 and Thyssenkrupp up 1.99 percent to 25.565.

The worst performers of the session were Commerzbank, which was down 1.62 percent to 10.025, Deutsche Bank falling 1.19 percent to 13.255 and Prosiebensat 1 easing 0.96 percent to end the day at 27.940.

No comments :

Post a Comment

Subscribe to: Post Comments ( Atom )