daily-market Daily market commentary: DAX-30 index is one of the best performers in the Eurozone

ActivTrades’ Market Analysts have prepared for LeapRate their daily commentary on traditional markets for November 7, 2019. See details below:


EUROPEAN SHARES

European shares extended yesterday’s global gains after the two largest economies in the world buoyed market sentiment with an agreement to roll back tariffs on each other’s goods prior to a phase one deal. Investors have welcomed the progress and constructive discussions getting Washington and Beijing closer and closer to a deal and with it the possibility of more tariffs being annulled.

With a potential US-China trade agreement in sight, data showing robust recovery in Europe and easing fears towards a global recession, the planets seem to be well aligned for bull traders. However, even if there is still room for an extended rally on stocks until the end of the year, investors may want to bear in mind that the current state of euphoria could lead to bullish excesses as well as sharp and dangerous corrective moves from one day to another, as long as we have no material evidence of a final US-China trade deal.

Pierre Veyret– Technical analyst, ActivTrades

DAX-30

The DAX-30 index is currently registering one of the best performers in the Eurozone after prices reached 13,270pts this morning, its highest point since January 2018. The benchmark is being driven higher thanks to positive earnings from Siemens. Europe’s biggest engineering company issued a warning regarding an expected slowdown in manufacturing that could lead to decline in factory equipment for 2020. However, investors preferred to focus on the company’s adjusted earnings totalising EUR 2.64bln which was 12% higher than market expectations.

Elsewhere, Adidas is still benefitting from yesterday’s solid 3Q report when the company surprised analysts by publishing a net profit of EUR646M beating the EUR635M consensus forecast. For now, the DAX-30 index is challenging the upper bound of its bullish channel towards 13,275pts.

Pierre Veyret– Technical analyst, ActivTrades

The post Daily market commentary: DAX-30 index is one of the best performers in the Eurozone appeared first on LeapRate.


Daily market commentary: DAX-30 index is one of the best performers in the Eurozone was first posted on November 7, 2019 at 3:00 pm.
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