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The DAX is trading at 9261, down 0.75% after the German ZEW report, which measures the investment confidence of institutional investors, came in at 43.2 below analysts’ expectations of 46.3. The April reading is the fourth consecutive drop in the German ZEW and, given the large drop between March and April, it would suggest that pension funds could be threatened by the situation in Ukraine.
The conflict between Ukrainian security forces and pro-Russian radicals has led to a standoff between Washington DC and Moscow. The west is trying put pressure on Russia by imposing sanctions on the country, wihch could prompt Moscow to reduce the supply of oil and gas to Europe.
The increasing tension in Ukraine is driving stocks lower and, as Brenda Kelly highlighted, the DAX had found support around the 9220 level. If the index falls below this, we could move towards the 200-day moving average of 9151. The German equity market has dropped over 3.5% since the beginning of April and if tensions fade in Ukraine, we could see some bargain hunting.