DAX drops 1% on rising euro, shrugs off Ifo

FXStreet (Mumbai) – Germany’s benchmark index, the DAX opened the week on a bearish tone with a negative gap of 55 points, tracking US and Asian indices lower. The index ignored upbeat German Ifo figures and keeps heavy losses as Chinese equities sell-off spooked markets, adding to the negative sentiments.

Currently, the DAX 30 trades nearly -1% lower at 11234.50, recovering from 11177.30- three week lows. German stocks witnessed sharp losses as rising euro weighed on exporters’ stocks while rebounding gold prices from five-year lows made European equities less attractive for investors.

The index trades with a negative market breadth with the advance-decline ration being 4:26. Deutsche Lufthansa AG is the top gainer, 0.30%, followed by BMW AG marginally up by 0.17%. On the other hand, Infineon Technologies is losing -1.74% followed by ThyssenKrupp AG, down -1.20%.

DAX Technical Levels

The index has an immediate resistance at 11409. Meanwhile, support is seen at 11138 levels and 11k levels.

Germany’s benchmark index, the DAX opened the week on a bearish tone with a negative gap of 55 points, tracking US and Asian indices lower. The index ignored upbeat German Ifo figures and keeps heavy losses as Chinese equities sell-off spooked markets, adding to the negative sentiments.

(Market News Provided by FXstreet)