Wednesday, 27 September 2017

What’s next? – DAX 27.09.17

Posted by Valentine at 10:26 Labels:

DAX

The DAX futures traded 0.06 percent higher at 12,590.5 points as of 05:05 GMT on Wednesday, as market players awaited fresh economic reports to define a direction.

No economic reports are due in Germany for the day. Investors will be following the releases of durable goods orders for August and pending home sales in the United States as of 12:30 GMT.

Also, FOMC members Bullard, Brainard and Rosengreen are scheduled to speak as of 17:30 GMT, 18:00 GMT and 23:00 GMT respectively.

The data front was also empty yesterday. Market players focus on Federal Reserve Janet Yellen prepared remarks. She insisted that the US regulator has to move forward with its monetary normalization process to avoid overheating.

“It would be imprudent to keep monetary policy on hold until inflation is back to 2 percent,” said Fed’s chief in prepared remarks at the National Association for Business Economics’ annual meeting in Cleveland.

Fed funds tracked by CME Group’s FedWatch tool show traders are currently pricing in a 74.6 percent probability of a 25 basis points rate move by December.

The German benchmark closed at 12,605.20 in Frankfurt on Tuesday, adding 10.39 points or 0.08 percent, with utilities, telecoms and financials contributing most gains, while food & beverages, consumer & cyclical and basic resources pushed to the downside.

The best performers of the session were Linde, which added 2.90 percent to 168.75, followed by Volkswagen AG VZO rising 2.36 percent to 141.05 and Vonovia up 1.27 percent to 36.25.
The worst performers of the session were Adidas falling 2.44 percent to 188.05, Henkel & Co easing 1.27 percent to 112.40 and Prosiebensat 1 Media down 1.01 percent to 28.480.

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