Breaking News
Get 40% Off 0
👀 Reveal Warren Buffett's stock picks that are beating the S&P 500 by +174.3% Get 40% Off

ECB's inflation outlook and corporate earnings shape German DAX index

Published Nov 09, 2023 12:00
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
DE40
+0.33%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
ADSGN
+0.07%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
CONG
-0.55%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DHLn
-0.62%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
CBKG
+1.52%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DTEGn
-0.07%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

The German DAX index closed at 15,230 on Wednesday, November 8, 2023, marking a 0.51% increase, driven by positive corporate earnings and easing inflation concerns. The rise was attributed to upbeat earnings reports from Continental AG (OTC:CTTAY), Deutsche Post (OTC:DPSGY), Siemens Healthineers, and Commerzbank (ETR:CBKG). However, Adidas (OTC:ADDYY) and online retailer Zalando SE experienced a slide.

Inflation in Germany softened to 3.8% from 4.5%, while Eurozone retail sales declined by 0.3%. This eased market fears of the European Central Bank (ECB) maintaining high rates amid concerns of a recession. ECB Chief Economist Philip Lane expressed concerns about inflation and projected it wouldn't return to the target of 2% until 2025.

On Thursday, November 9, 2023, investors are keenly awaiting the ECB Economic Bulletin for insights into the bank's perspective on the economy, inflation, and monetary policy amid a challenging macroeconomic environment and pressure on Euro area economies. Speeches from ECB President Christine Lagarde and Chief Economist Huw Pill are also expected to draw significant attention.

Further influencing market direction will be corporate earnings from Deutsche Telekom AG (ETR:DTEGn) Merck and Rheinmetall AG. The US labor market will also be under scrutiny with jobless claims for the week ending November 4 expected to rise slightly from 217k to 218k. A speech by Fed Chair Powell could potentially impact market sentiment and might signify the end of the Fed's rate hike cycle if labor market conditions have softened sufficiently.

In terms of technical indicators, the DAX is currently positioned below the 50-day and 200-day Exponential Moving Averages (EMAs), indicating bearish price signals. A break above the resistance level of 15,247 could support a move towards the 200-day EMA, while a drop below 15,000 might allow bears to target the 14,957 support level. The futures markets suggest a negative start to the Thursday session, with the DAX and the Nasdaq mini down by 19 and 16 points, respectively. The 14-day Relative Strength Index (RSI) reading of 55.04 suggests a possible DAX move through the 50-day EMA before entering overbought territory.

In other news, Siemens Energy AG saw a decline of 2.34%, reacting to updates on Siemens Ltd's sales.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

ECB's inflation outlook and corporate earnings shape German DAX index
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email