DAX Edges Up Despite Russia’s Gas Move And Drop In Consumer Confidence

The German markets remained resilient and the DAX traded marginally higher amidst anxiety surrounding Russia’s blocking of gas supplies to Poland and Bulgaria. The drop in the Gfk Consumer Climate Indicator to a record low, implying surging costs for households and diminishing hopes of a post-pandemic recovery, limited gains.

Data released before hours showed the GfK Consumer Climate Indicator plunging to -26.5 in May, versus -15.7 in the month of April and market expectations of -16.

The forty-scrip DAX index is currently trading at 13,842.12 versus the previous close of 13,697.71. The day’s trading has been within the range of 13,574.29 and 13,842.12.
Specialty chemicals business Symrise is the top gainer with a 4.3 percent rally.

Mercedes Benz Group gained almost 4 percent. Auto parts maker Continental has surged more than 3.5 percent.

Deutsche Bank is the greatest laggard with a more than 5 percent decline. Henkel follows with a 3 percent drop. HelloFresh has lost a little above 2 percent.

Automaker Mercedes Benz is the most active scrip with a turnover of 4.23 million euros.

The EURUSD pair hovered around a 5-year low of 1.0610, around 0.24 percent lower than the closing level of 1.0636 at Tuesday amidst a resurgent Dollar. The Dollar Index meanwhile added 0.23 percent to touch 102.54, after rising to a fresh 2-year high of 102.78, versus 102.3 on Tuesday.

The ten-year bond yield has increased by 1.87 percent to 0.8160 versus 0.8010 percent on Tuesday.