The DAX in Germany has fallen during the trading session here on Wednesday as we continue to see a bit of consolidation. The 50-day EMA has offered a bit of resistance, and we have pulled back from there. Now we are hanging around the €25,300 level, an area that has been important more than once.
Energy continues to be a major factor here.
Higher energy costs continue to be a major problem for the Germans and the German industrial sector. There is also a little bit of positivity from the upside surprise in Germany’s September flash services PMI number during the day. That being said, there are some big movers. Allianz is down almost 4%, while Porsche was down 3.7%. Rheinmetall is up 3.60%, and SAP is up 2.36% for the session, at least giving some cushion to the index. That being said, those names were not sufficient to offset the wider decline.
The ECB Economic Bulletin comes out on Thursday. That will matter quite a bit for the DAX, as well as oil prices and German Bund yields. Yields, after the index has closed in America, have spiked. One would assume you may get the same in Germany as well. This is something that German traders will be watching very closely on Thursday, as well as in other major European economies.
Bearish near term at this point in time. If we sustain a move well below the €25,250 level, that could provide an even more bearish tone to this market. That being said, so far we are still in the same range we have been in for a couple of weeks. It is still the same story. It is all about oil at the moment. I am watching oil and interest rates at the same time, which could continue to show the way forward here.
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