FXStreet (Mumbai) – Germany’s benchmark index, the DAX kicked-off the week on a bearish note, opening with a negative and dropped to fresh three-week lows hurt by the outcome of the Greek vote on austerity measures, with the region’s banking sector being hit the hardest.
Currently, the DAX 30 trades -1.32% lower at 10909.80 levels, having posted fresh three-week lows at 10819.50 in early trades. German stocks dived in red as markets continue to weigh the Greek referendum outcomes while also evaluating possibilities of Grexit.
Traders also remain cautious as later today; several top European officials are set to meet, with the biggest focus likely to be on ECB policymakers who are set to decide whether they will maintain the bank’s emergency funding for Greek banks.
The index trades with a negative market breadth with the advance-decline ratio being 1:29. BASF SE is the top loser so far, down -2.37%, followed by Daimler AG which is losing -2.31%. While Commerzbank AG records a- 2% loss on the day.
DAX Technical Levels
The index has an immediate resistance at 11k. Meanwhile, support is seen at 10765 levels and 10594 levels.
(Market News Provided by FXstreet)