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The DAX is trading at 9550, up 0.8% on the day, as a flurry of merger and acquisition news from the pharmaceutical industry has driven the overall market higher.
Even though none of the companies mentioned above are listed on the German exchange, the corporate activity has pushed pharmaceutical stocks of Merck KGaA and Bayer AG higher, 2.5% and 3.2% respectively.
In recent months, the DAX has found it difficult to hold ground above the 9600 level, and the unrest in Ukraine has put pressure on Germany equities. As I previously stated, the west and Moscow are trying to find a political solution but if hostilities escalate in Ukraine, we could retreat to the 100-day moving average of 9462.