The Germany 30 is trading at 9942, up ever so slightly on the day as the index ends a week of reaching record highs and pretty much holding onto them.
There was little in the way of economic news from the eurozone today, however Italy announced a slight decline in inflation for the month of May. Mario Draghi has previously claimed he does not see evidence of deflation, while the pressure continues to mount on him to take action.
As I mentioned yesterday, the European Central Bank is expected to announce a stimulus package on Thursday’s meeting, and the Germany 30 and other indicies are pricing in some form of monetary easing. If Mr Draghi does not deliver we could see a large correction.
As Brenda Kelly stated, the Germany 30 is in overbought territory and the 9900 mark is acting as support, so the 10,000 level could still be in reach early next week.