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Jun 21 2017, 03:55 PM (+06) |

The DAX index futures dropped by 0.80 percent to trade at 12,719.5 points as of 07:45 GMT, with financial and energy sector stocks dragging the index down.

Other key stock markets in Europe were also under pressure. The Euro STOXX 50 lost 1.01 percent to 3,519, while the French CAC 40 notched down 1.18 percent to 5,230.40.

Deutsche Bank and Commerzbank stocks were down by nearly 1.28 percent and 1.59 percent by the time of this writing. Italian and Spanish bank values were also under pressure. 

The energy sector was also down due to increasing concerns over US shale production and as traders awaited fresh inventory data from the Energy Information Administration later in the day.

As noted yesterday, the index fell apart once again after touching the 13,000 psychological level, which is now a key resistance for the German DAX. Not even the 12,850 or 12,750 were able to stop today’s early drawdown, leaving the index again moving in a well-known range.

While we’ve seen optimism take on the index in the last few days, analysts said there aren’t significant drivers to support the bullish impulse, which is probably why the index retreated.

There are no key publications for the day in Germany. Some volatility could be expected at the opening of Wall Street, with all eyes on crude inventories as of 14:30 GMT. In general terms, consolidation is likely until bulls recover enough for a new upside move.

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