Wednesday, 25 October 2017

What’s next? – DAX 25.10.17

Posted by Valentine at 11:04 Labels:

The DAX futures were 0.08 percent into positive territory on Wednesday at 13,007 points, as market players held gains while risks of a profit-taking downward correction continued to rise.

On the data front, German manufacturing PMI index outperformed expectations at 60.5 for October, above a forecasted 60.2 reading. The services PMI index, however, fell short from an estimated reading of 55.6 at 55.2.

A similar dynamic was seen in the Eurozone, where the manufacturing PMI index from Markit Economics came in at 58.6, above a forecasted 57.8 reading. The services PMI established at 54.9 points, below 55.6 seen.

The DAX was up by 0.08 percent or 10.05 points at close in Frankfurt to 13,013.19 points. The German benchmarks traded in different directions during the session, influenced by upward pressure from food & beverages, telecommunications and basic resources.

However, other sectors like software development, financial services and chemicals weighed on the index, offering resistance to bull investors who wanted to take advantage of the break above the 13,000 psychological level.

The best performers of the session were Commerzbank, which added 6.04 percent to end at 12.115. Deutsche Bank rose 2.99 percent to finish the session at 14.660 and Volkswagen marked 2.32 percent gain to 145.50.

The worst performers of the session were Deutsche Boerse, which dropped 2.07 percent to 90.300, BASF falling 0.98 percent to 90.110 and Beiersdorf down 0.98 percent to end at 91.100.

Ahead in today’s session, attention will be directed to business expectations, current assessment and the lfo business climate index for October as of 08:00 GMT. Analysts are predicting readings of 107.3, 123.5 and 115.2 points respectively.

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