The contract on the German stock index DAX (DE40) is up over 0.8%, after previously rebounding from the 200-period exponential moving average (EMA200, black line). DE40 has fully erased the losses from yesterday’s session, with buyers defending an attempt to push the price below 24,360.
DE40 gave back part of its gains during the early European session, but buyers reversed the move near the 61.8% Fibonacci retracement level, which lies just above a key consolidation zone where price action has been seeking direction in recent weeks. Source: xStation5
At the top of the gains in the DAX are key car manufacturers, which are rising on optimism from the Japan–U.S. trade agreement. Porsche leads the rally (P911.DE: +7.5%), as it stands to lose the most from tariffs due to lack of U.S. production, unlike Mercedes, BMW, or Volkswagen.
Carmakers lead gains in the DAX. Source: xStation5
The reduction of initial 25% tariffs on Japanese cars to 15% has raised market expectations for more favorable trade conditions for EU automakers, although tensions between the EU and the U.S. are significantly higher than between Japan and the U.S.
Currently, Trump is seeking a tariff rate of 15–30%, with the highest previous threat being 50%. On the other hand, the European Union aims to continue negotiations, while also considering implementation of the Anti-Coercion Instrument—regarded as the “toughest” retaliatory measure in the European Commission’s arsenal.
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