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What’s next? – DAX 07.02.18

Feb 7 2018, 03:12 PM (+06) | Fortfs.com

The German stock index DAX futures were 1.26 percent higher in early hours on Wednesday at 12,532 points, although global stock markets remained under pressure due to massive sales.

 

The benchmark ended down for a second time this week at 12,392.66, easing 294.83 points or 2.32 percent, with Insurance, Software and Pharmaceuticals & Healthcare pushing lower.

 

The best performers of the session were Deutsche Post, which dropped 0.11 percent or 0.040 points to finish at 37.110. Deutsche Lufthansa followed with a 1.13 percent or 0.320 points loss at 27.990 and Heidelbergcement was down 1.18 percent or 1.000 points at 83.700.

 

The worst performers of the session were Muench. Rueckvers., which eased 5.33 percent or 10.15 points to 180.35. Commerzbank plunged 4.50 percent or 0.582 points to close at 12.352 and Allianz fell 3.80 percent or 7.54 points to 190.70.

 

German stocks were under pressure due to the global sell-off, as many traders opted to close long positions on fears that the world stocks rally seen since beginning of 2017 is now over.

 

On the data front, Germany’s factory orders for December came in at 3.8 percent, well above a forecasted 0.7 percent build and a previous month reduction of 0.1 percent.

 

Today, industrial production figures for December showed a 0.6 percent decline, more than the originally estimated 0.4 percent reduction.

 

Ahead in the session, the index is likely to extend losses as the sell-off continues. Especially as there are not relevant reports that might offer extra support later in the day.

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