Solid News

DAX 30 Market Update

9/1/2022 1:56 PM

Frankfurt's leading index DAX 30 is correcting downward, trading at 12752.0. Quotes have changed their trend to a downtrend, and weak macroeconomic indicators and growth in the domestic bond market remain the key pressure factors.

Experts' forecasts regarding the German economy are pessimistic. The key segment of the economy, the labor market, has been decelerating for the third month in a row: Unemployment Rate increased from 5.4% to 5.5% in August, and the Unemployment Change increased from 2.469 million to 2.497 million, adding 28.0 thousand over the reporting period.

The domestic bond market continues to grow rapidly, putting key pressure on the stock market. The yield on German 10-year government bonds rose to 1.5410% from 0.7610% in the month, 20-year bonds yield rose to 1.622% from 0.959% at the beginning of the month, and the yield on global 30-year bonds rose to 1.627%, which is much higher than 1.001% a month earlier.

The growth leaders in the index are Bayer AG (+1.43%), Munchener Ruck AG (+1.23%), Hannover Rueck SE (+1.00%), Siemens Healthineers AG (+0.62%).

Among the leaders of the decline are HelloFresh SE (-4.29%), Henkel AG & Co. KGaA (-3.34%), Porsche Automobil Holding SE (-3.08%).

On the daily chart of the asset, the price is trading within a Triangle pattern, approaching the support line. Technical indicators reversed towards decline: the fast Alligator indicator EMAs crossed the signal line from above, and the histogram of the AO oscillator moved to the sales area, forming descending bars.

Support levels: 12528.0, 11703.0. | Resistance levels: 12973.0, 13933.0.

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