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After the dramatic events that transpired in Brazil last night, composure is not necessarily what you would expect from German traders this morning, so their efforts to halt the DAX’s collapse we’ve seen signs of over the last few trading days should be applauded. The Alcoa-inspired positive start to the day’s trading by US equity markets will also have added a touch of resilience to the German index.
Yesterday’s bank and airline selloff looks to have been a little overdone, as both sectors are at the forefront of the equity risers. It is hardly surprising that both Deutsche Bank and Commerzbank fell away, after rumours that they would be subject to US regulatory scrutiny following the $8.6 billion fine handed out to BNP Paribas last month. Although both German banks are likely to suffer some form of fiscal penalty, the figures are unlikely to be of a similar amount.
Deutsche Lufthansa is the biggest climber, having now decided to become more focused on the lower end of the market. Considering the transformation that Ryanair is in the process of, there may well be an opportunity to steal a march on Michael O’Leary’s airline.
The DAX had been approaching oversold territory and did break through the 50-day moving average, but it now appears to be finding a little support that only a close below 9750 is likely to threaten.