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The DAX is trading at 9619, down four points on the day as traders sit on their hands in the run up to the ECB’s interest rate announcement and press conference at 12.45pm and 1.30pm (London time) respectively.
This morning the services purchasing manufacturing index reports from Spain, Italy and the eurozone all came in below expectations. When coupled with the poor eurozone inflation and growth figures this week, this does not paint a pretty picture.
Interest rates in the eurozone are at record lows of 0.25% and the consensus for today’s meeting is to keep it unchanged. Mario Draghi is likely to keep reiterating that there is no need to loosen monetary policy, but it may be required in the coming months. If Mr Draghi suggests introducing negative interest rates on deposits, we could see the German stocks trade higher.
As Brenda Kelly stated, the DAX has strong support at 9600. If Mr Draghi hints at monetary easing, it could push the DAX towards yesterday’s high of 9647.