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DE30: DAX loses bullish momentum after recent surge and FOMC Minutes

12:51 PM 5 January 2023

Thursday's trading session on the Old Continent brings somewhat subdued sentiment after the recent surge and yesterday's FOMC Minutes. The German DAX and DE30 futures are currently trading near yesterday's closing levels. Investor attention today is focused on the ADP report and the potential impact of the report on predictions for tomorrow's NFP.

The swaps market is currently pricing in a near 93% chance of a 50 bps rate hike at the ECB's February meeting. A 50bp hike seems certain and in line with the ECB's announcements at its last meeting. Source: Bloomberg

Thursday's German market session brings mixed sentiment among most sectors of the economy. Source: Bloomberg

The start of Thursday's German trading session brings mixed sentiment among investors. The DE30 is currently trading flat. The demand side continues to hold above the supports set by the 50-day exponential moving average (blue curve) and attacks the zone of local peaks from November 2022.Source: xStation 5

News:

  • RWE (RWE.DE) and Norway's Equinor (EQNR.NO) want to cooperate on importing hydrogen into Germany in the future. RWE CEO Markus Krebber and Anders Opedal of Equinor concluded a strategic energy partnership today. According to the agreement, the project also includes major projects for Europe's energy supply. The project is expected to support Europe's energy security and strengthen the production and distribution of hydrogen. RWE is currently gaining 1.5%, while Equinor is up more than 0.6%.

 

  • Continental (CON.DE) has entered into a partnership with the US company Ambarella (AMBA.US). The companies intend to work together to develop software and AI solutions for autonomous driving systems.Continental's shares are currently gaining 0.42%.

The mood in today's session is somewhat subdued after the recent surge and yesterday's FOMC Minutes. Powerful gains are being recorded primarily by companies in the automotive, metals and mining and fuel sectors. Weaker sentiment prevails in the pharmaceutical sector. Source: xStation 5

 The largest percentage changes of companies included in the DAX index. Source: Bloomberg

The most active stocks in the DAX index (DE30). Source: Bloomberg

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