Wednesday, 20 September 2017
What’s next? – DAX 20.09.17
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what’s next
DAX
The DAX futures traded 0.11 percent lower at 12,537.5 points as of 02:25 GMT on Wednesday, as all traders are awaiting Federal Reserve Janet Yellen’s speech later in the day.
The Federal Open Market Committee finishes its two-day monetary policy encounter later today, with no expectations for rate changes. Market players will be searching for hints on the future of rates and the plan to unwind Fed’s massive balance sheet.
Fed Chairwoman Janet Yellen is set to speak at a press conference as of 18:30 GMT. Her rhetoric will be a focus for investors and it could certainly affect Wall Street’s direction.
According to Fed funds tracked by CME Group’s, traders are currently pricing in a 56.4 percent probability of a 25 basis point by December.
Earlier today, the German producer price index for August outperformed expectations, showing a 0.2 percent against an initially estimated 0.1 percent increase.
Yesterday, traders were cheered by ZEW’s current conditions and economic sentiment for September, both rising above expected values at 87.9 and 17.0 respectively.
As we have previously noted, the German benchmark remains on an attractive position for buyers, as the 13,000 seems like a reachable near term bullish target, with a potential extension to 15,000 and above if the European Central Bank takes actions to control euro strengthening.
Tuesday’s session ended with a 0.02 percent gain for the DAX, with transportation, telecoms and food & beverages pushing the index to the upside.
The best performers of the session were Deutsche Telekom, which added 3.12 percent to 15.555, followed by Deutsche Lufthansa up 2.01 percent to 22.850 and Prosiebensat 1 Media AG rising 1.77 percent to close at 28.435.
The worst performers of the session were Thyssenkrupp AG O.N., which dropped 1.62 percent to 25.245, Commerzbank falling 1.03 percent to 10.58 and Adidas down 0.99 percent to 194.95.
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