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What’s next? – DAX 15.08.17

15 August 2017 02:47 PM BDT
What’s next? – DAX 15.08.17

The DAX futures traded 0.25 percent higher at 12,207.5 points as of 07:45 GMT on Tuesday, extending previous session gains despite downbeat economic data from Germany. The German second quarter gross domestic product grew 0.6 percent on quarterly basis, missing a forecasted economic expansion of 0.7 percent. On yearly basis, the index showed a 0.8 percent increase, far from an estimated 1.9 percent. On Monday, Germany stocks were able to recover some previously lost ground, with utilities, telecoms and media sectors pushing the benchmark to the upside in 1.26 percent. The best performers of the session were Commerzbank adding 3.44 percent to 11.12, followed by Deutsche Bank rising 3.09 percent to 14.66 and Prosiebensat 1 up 2.52 percent to 34.80. The worst performers of the session were Continental, which eased 0.13 percent to 189.90, Lufthansa falling 0.28 percent to 19.66 and BMW down 0.31 percent to 80.20. There are no relevant reports scheduled for the day. Risk appetite improvement seems to be a direct consequence of easing geopolitical tensions in the Korean peninsula. On Monday, US top military officials said the Trump administration is examining different alternatives to resolve the North Korean crisis by a diplomatic, peaceful way. In line with our technical expectations, the German benchmark extended its recovery in the prior session, getting closer the 12,250 points as it found considerable support in the 12,000 region. Medium and long term perspectives continue to point higher. For today, we could expect bullish sentiment to spread and in case of a 12,200 mark upside breakthrough, the index would see 12,350 as the next target level.

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