What’s next? – DAX 14.11.17

The German stock index DAX was pointing to a lower open in early trading hours on Tuesday, as traders awaited several central bank speeches and key economic reports later in the day.

DAX futures were trading 0.13 percent lower at 13,104 points as of 02:40 GMT. The Euro Stoxx 50 was also down by 0.31 percent at 3,576. The EURUSD was up 0.06 percent at 1.1671.

Germany equities posted a 0.40 percent loss on Monday to end at 13,074.42 in Frankfurt, with utilities, construction and technology pushing downwards.

The best performers of the session were Adidas, which added 1.60 percent at 183.90, Merck rising 0.80 percent to 90.51 and Vonovia up 0.73 percent to 39.43.

The worst performers of the session were Thyssenkrupp, which dropped 2.66 percent to 21.925, E.ON falling 1.56 percent to 10.095 and Muench. Rueckvers. easing 1.33 percent to 192.80.

Ahead in the day, traders will be paying attention to comments from central bank leaders at 10:00 GMT, including ECB President Mario Draghi, Fed Chairwoman Janet Yellen, Bank of England Gov Mark Carney and Bank of Japan Gov Haruhiko Kuroda.

On the data front, Germany’s consumer price index (F: 0.0%) for October and third-quarter gross domestic product (F: 0.6% m/m) are due for release as of 07:00 GMT. At 09:30 GMT, the UK will presents its consumer (F: 0.2%) and producer price (F: 1.1%) indexes for October.

Also in Germany, ZEW economic conditions and sentiment indicators will be out at 10:00 GMT. The Eurozone will release a preliminary reading of its third-quarter GDP by that time too, as well as industrial production figures for September.

From a technical perspective, the 13,100 level continues to offer a good support, but depending on today’s events, we could see a correction to 13,000, which is an even stronger support. In case of a correction, traders could take advantage of that to buy the dips.

Fort Financial Services