Thursday, 12 October 2017

What’s next? – DAX 12.10.17

Posted by Valentine at 11:56 Labels:

DAX

The DAX futures were trading 0.06 percent higher at 12,972.0 as of 07:10 GMT on Thursday, with market participants looking ahead to fresh data for further support.

European indexes began Wednesday with volatility as Spain’s political crisis took a new turn following Catalonia’s President Carles Puigdemont speech late Tuesday.

Puigdemont  opted to postpone the declaration of independence to open a period of dialogue with Spanish President Mariano Rajoy, easing fears of a division.

In other news, ECB Chief Economist Peter Praet said an extension of the central bank asset purchase program may be more effective and beneficial when markets are calm.

“In more normal market conditions... investors may become ‘more patient’, or, in other words, better able to evaluate the stimulus that can be expected to come from a purchase plan that is to be executed over a more extended time interval,” explained Praet.

He added that “the euro area recovery remains solid, broad-based and resilient,” and noted that the economy has made sufficient efforts to push “the path of inflation to levels that are consistent with the Governing Council’s aim”.

The German benchmark ended 0.17 percent higher on Wednesday at 12,970.68, with utilities, food & beverages and technology contributing most gains.

The best performers of the session were RWE, which added 3.43 percent to 20.485, E.ON rising 2.87 percent to 9.862 and Thyssenkrupp up 2.01 percent to 23.605.

The worst performers of the session were BASF falling 0.84 percent to 89.240, Adidas easing 0.51 percent to 194.00 and Linde down 0.40 percent to 175.20.

Ahead in the day, investors will be focusing on Eurozone’s industrial production for August at 09:00 GMT, with a 0.5 percent seen. But the main event of the day will be a speech by ECB President Mario Draghi at 14:30 GMT. Other ECB Executives like Coeure and Lautenschlaeger are also due to speak as of 20:00 GMT.

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