DAX 30 Slightly Down as RWE and Eon Drag on Index

DAX 30 Slightly Down as RWE and Eon Drag on Index
Written by:
John Adam
18th November 2016

The DAX finished yesterday with a small gain as the euro fell back again against the dollar on interest rise expectations to take the German blue chip index to a strong finish after a slow start to the day. Energy companies were down yesterday as RWE and Eon both registered losses. Adidas had a good day and registered a 1.5% uplift in value.

Forecasts for today are for a positive close to the week after U.S. and Asian markets performed well after positive construction and employment data came out of the U.S. and Janet Yellen’s testimony in front of Congress kept to script. The DAX opened 0.39% up at the start of play today with expectations that a weaker euro will help the end of the week on to a positive conclusion. However, there was little expectation that it will be possible to crack the 10, 800 point resistance level that has held for most of the last year.

Early trading has seen the DAX drop back from opening gains to currently sit at a 0.12% loss. SAP is speculated to potentially be in line for a good day today as competitor Salesforce painted an optimistic outlook for the market environment. It’s currently 0.6% up over the opening period.
Infineon Technologies is today’s biggest gainer so far, up almost 2%. It has recently seen its price target lifted by a number of analysts, including a €17.50 target from Credit Suisse. Including today’s gains the company’s share price is still at €15.91, suggesting some more potential upside if analysts are proven correct.

Elsewhere, automotive manufacturing company Continental are up a little over 1% so far today with Deutsche Borse also doing well with a 0.83% gain. Henkel is recuperating some of yesterday’s losses after markets reacted skeptically to the company’s near term forecasts and is 0.3% up so far.
RWE is the day’s biggest faller to date, down over 2%, with Eon also 1.42% down. Chemical company BASF has slipped 0.73% and Siemens is almost 1% in the red.

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