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It appears that, after a night to sleep on it, DAX traders have woken up and realised how outrageously strong their ZEW economic sentiment figures were and have reacted accordingly. Yesterday also saw the confirmation of chancellor Angela Merkel in her third term as German leader, meaning the country has a stable political platform to work from.
The biggest problem that Germany has is outside its own borders, and the area that should be causing the most concern is not Greece, Italy or Spain but France. Monday’s manufacturing and servicing figures from the country fell further into contraction, highlighting the widening chasm between the two largest EU economies of France and Germany.
The most important sentiment guidance will not be known until European markets are shut, when the US Federal Reserve announces its intentions. Although it is debatable how much influence he really does have over the voting, it is unlikely that the dovish Ben Bernanke would want one of his last meetings to be the catalyst for market panic.