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DAX 40 Market Update

11/15/2022 1:07 PM

The leading index of the Frankfurt Stock Exchange DAX 40 is correcting upwards, trading at 14321.0 and continuing its positive dynamics against the backdrop of lower gas prices.

As of the end of yesterday's trading, 1.0 thousand cubic meters of "blue fuel" on the London Intercontinental Exchange (ICE) was traded at a price of 1.245 thousand dollars. The spot price for gas with a next day delivery is at around 0.716 thousand dollars per 1.0 thousand cubic meters, which cannot be compared with the spring peak prices of 3.800 thousand dollars. The main reasons for the decline in quotations are the high filling levels of European gas storage facilities, which are approaching 99%, as well as abnormally warm weather in the EU for the current time of the year.

Among the growth leaders in the corporate sector are the shares of the military-industrial concern Rheinmetall AG, which announced that it has reached a preliminary agreement to buy the Spanish ammunition company Expal Systems SA for 1.2 billion euros.

In the German domestic bond market, a downward correction continues to be a priority scenario for the entire line of debt securities. The leading 10-year bonds lost 0.42%, while the conservative 20-year bonds lost 0.57%. Traditionally, short-term papers are traded more dynamically: 3-month bonds lose 2.69%.

The growth leaders in the index are Infineon AG (+7.77%), Merck KGaA (+4.42%), Zalando SE (+3.96%), Fresenius SE (+2.29%).

Among the leaders of the decline are Adidas AG (-2.79%), RWE AG (-2.16%), Brenntag SE (-1.58%).

On the daily chart of the asset, the price is trading above the resistance line of the descending channel, actively rising and reaching the highs of this spring.

Technical indicators reversed and issued a buy signal: fast EMAs on the Alligator indicator continue to move away from the signal line, and the AO oscillator histogram, having moved into the buy zone, forms new upward bars.

Support levels: 13962.0, 13262.0. | Resistance levels: 14631.0, 15541.0.

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