German benchmark DAX continued the third straight session of gains as investors remained optimistic despite Fed’s taper plans and the drop in regional PMI readings. Evergande fiasco, BOE policy review as well as Europe’s energy crisis too remained on top of investor minds but was not strong enough to resist the relief rally.
The forty-scrip index is currently trading at 15626.89 up 0.69 percent over the previous close. The day’s trading has been within the range of 15567.94- 15693.70.
At current levels, the DAX is 2.51 percent lower than the 52-week high of 16028.60.
Meanwhile, the IHS Markit Germany flash PMI releases for September indicated that Manufacturing PMI fell to 58.5 from 62.6 in the prior month, Services PMI decreased to 56 from 60.8 in August and Composite PMI dropped to 55.3 from 60.0 in August.
Eurozone’s IHS Markit flash PMI releases for September also indicated similar trend as Manufacturing PMI slipped to 58.7 from 61.4 in the prior month, Services PMI decreased to 56.3 from 59 in August and Composite PMI dropped to 56.1 from 59.0 in August.
Auto parts and equipment maker Continental is the lead performer, gaining 3.48 percent closely followed by online meal-kit provider HelloFresh which also added more than 3.0 percent.
Fresenius declined 0.46 percent whereas Covestro lost 0.36 percent.
Auto maker Daimler is topping the volume charts with a turnover of 0.6 million euros. The scrip has gained 1.64 percent.
5 scrips in the 40-scrip index are declining from previous day’s levels.
In the DAX super sector indices, Utilities is the top performer, after trending 2.49 percent higher over the previous day, closely followed by Information Technology with a gain of 1.73 percent. All the super sector indices have advanced from the previous day’s levels.
The EURUSD pair has increased to 1.1713 from 1.1686 on previous day as global risk-on sentiment goaded investors away from the safe-haven greenback. The dollar index has slipped to 93.19 from 93.46 at the close on Wednesday.
The ten-year bund yield has increased to -0.3025 percent versus -0.3270 percent on previous day, as the world’s largest economy progressed gradually into a stimulus tapering and interest rate hardening mood following Wednesday’s official announcement by the Fed.
Market Analysis
DAX Rally Continues For The Third Straight Session
2021-09-23 11:10:25
