The German Index Starts With A Minus of 0.4 Percent
The German leading index starts with a minus of 0.4 percent to 12,383 points in the new week. After his long rally, which had boosted the Dax by 600 points during the past nine trading days in the top, it could now come to a short-term correction.
On this day, the professionals on the futures market close their long and short positions. This leads to a market adjustment, which can certainly form the basis for a longer-term trend change.
Closing the recent upward gulp (12,354 to 12,374 points) would be a first indication of correction.
In the medium term, however, Dax’s technical outlook has improved significantly in view of the recent run-up and recapture of the long-term uptrend since 2009. The next important hurdle now lurks at 12,600 points. Here are the August high and the 200-day line. At this point, the medium to long-term fate of the Dax will decide.
At the beginning of the new week, new developments in Italy could provide investors with restraint. In the Italian government, the dispute over the contradiction between election promises and the stability of the budget has escalated.
But above all, on Wednesday evening with the US Federal Reserve’s interest rate decision is a very important date on the stock market agenda. The main question is: how many interest rate increases do investors still have to expect? Recently, US yields had picked up again noticeably.
Today, the Ifo index could cause a stir in the further course of trading. This is considered the most important economic indicator for the German economy.
In any case, the requirements of Wall Street are not likely to stir up the buying mood of Dax investors again. On Friday, the S & P 500 ran out of steam after a new record high in trading. The market-wide index closed virtually unchanged.
The Nasdaq 100 even turned down in the evening and closed 0.5 percent lower. The Dow Jones, however, was able to save a plus of 0.3 percent in the weekend.
Meanwhile, investors are waiting in vain for impulses from Asia on Monday. With the stock exchanges in Shanghai and Tokyo important trading centers are closed today.
Impending losses of Iranian exports drive oil prices. The North Sea Brent rises above the $ 80 a barrel mark to a four-month high. According to commodity merchant Mercuria, the new US sanctions against Iran could deprive the world market of up to two million barrels a day. In addition, the Opec states and other major producing countries recently decided not to increase production for the time being.
In the foreign exchange market, the euro is trending sideways at the beginning of the week. The European single currency is currently trading at 1.1743 dollars. The price of gold falls back below the $ 1,200 mark at the start of the week.
Dax founding member Commerzbank has to vacate its place in Germany’s top stock market for payment processor Wirecard. From today (24th September), the TecDax climber will replace the partially nationalized major bank in the Dax. This was announced by Deutsche Börse on 5 September. Commerzbank can now be found in the MDax of medium-sized stocks.
In addition, numerous fundamental changes in the indices of “Deutsche Börse” come into force today. TecDax technology stocks will also have access to the MDax or its smaller brother, the SDax. Therefore, the MDax is increased from 50 to 60 values and the SDax from 50 to 70 values. The TecDax still contains 30 values.