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DAX futures: German index set for a mixed open

We examine where German markets look poised to open on 3 Friday.

DAX Source: Bloomberg

DAX set for a lacklustre open

It proved to be a relatively subdued day for German markets yesterday, with the DAX finishing out the session just 0.27% higher – at the 9,570 point level.

MTU Aero, Fresenius ST and Deutsche Bank AG were the worst performing German equities during Thursday's session; while Siemens AG, Henkel VZO and Deutsche Post were the best performing.

As of 2:24 AM (GMT+2), IG Markets data suggests that the Germany 30 benchmark is poised to open just 0.32% or ~30 points higher on 3 Friday.

Looking at the DAX’s recent performance from a technical perspective, IG’s Senior Market Analyst Joshua Mahony yesterday argued that:

‘The DAX managed to break below the double top neckline of 9373 yesterday, with the index looking likely to have formed a top. Given that this looks like a market reversal playing out, there is a chance we could see short-term upside as markets realign back into a more bearish view.’

With a somewhat similar view on the German index – DailyFx Strategist – Paul Robinson recently noted that:

‘The thinking is that there is still some more upside left before selling potentially turns aggressive again. If this is to be the case, then the bottom of the range at 9453 should hold on weakness here before price rallies beyond 9951 in an attempt to fill the March 12 gap at 10412 (red line), and possibly higher.’

What’s driving global markets

Elsewhere in Europe, the Swiss SMI, French CAC and Italian FTSE MIB all notched up solid gains yesterday.

The Italian benchmark was the standout performer here – rising some 289 points – to finish out the session at the 16,834 point level.

US markets also traded in a bullish fashion on Thursday – with the Dow Jones Industrial Average, NASDAQ Composite and S&P 500 all rising; bolstered by speculation that Saudi Arabia and Russia’s oil price war may soon come to an end.

Centrally, as CNBC reported:

‘Oil prices skyrocketed on Thursday after President Donald Trump told CNBC Saudis and Russia will ease pressure on oil, ending a price war that has contributed to crude’s massive plunge.’

US President Donald Trump went as far to speculate on the specifics of such an outcome, tweeting:

‘I expect & hope that [Saudi Arabia] will be cutting back approximately 10 Million Barrels, and maybe substantially more, which if it happens will be GREAT for the oil & gas industry.’

‘Could be as high as 15 Million Barrels,’ Trump further said in a tweet to his 75 million followers.

How to trade the DAX: long and short

What are your thoughts: are you currently bullish or bearish on global markets? Trade accordingly. You can use CFDs to trade a variety of global indices, including the DAX, S&P 500 or the FTSE – long or short – through IG’s world-class trading platform now.

For example, to buy (long) or sell (short) the DAX, follow these easy steps:

  • Create an IG Trading Account or log in to your existing account
  • Enter ‘DAX’ or ‘Germany 30' in the search bar and select it
  • Choose your position size
  • Click on ‘buy’ or ‘sell’ in the deal ticket
  • Confirm the trade

The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer.

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