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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

​​Dax index slumps after Airbus news​

​​Bad news from aerospace firm Airbus hit European markets, knocking back the Dax after a solid start to the week yesterday.

aircraft Source: Getty Images

​​​European shares experienced a downturn on Tuesday, with the Dax index losing 0.5% following bad news from index heavyweight Airbus.

​The aerospace sector was hit particularly hard, led by a sharp decline in Airbus shares, which plummeted nearly 11%. This significant drop came after the company announced it was cutting targets and taking a substantial 900 million euro charge for its troubled space activities.

​The ripple effect was felt across the aerospace and defence sector, with related companies such as Rolls-Royce and MTU Aero Engines also seeing their stock prices fall.

​The impact of Airbus's decline is especially notable given its substantial 6.85% weighting in the DAX index, suggesting a potentially significant influence on the overall German market performance. This sector-wide downturn highlights the interconnected nature of the aerospace industry and the substantial market impact that can result from the performance of key players like Airbus.

​Dax technical analysis

​The news stifled the rally on the Dax, which had hit a two-week high in Monday’s trading.

​Initial losses for the index saw the price drop back towards the 100-day simple moving average (SMA), but buyers came in to defend the lows for the time being.

​However, we will need to see a continued recovery to help maintain the bullish view that had been in development yesterday. The price has fallen since the early-May record high, and remains below trendline resistance from that peak.

​A close above Monday’s high of 18,357, and above the 50-day SMA (currently 18,366), would help to bolster the bullish view, and put the price on course to target trendline resistance from the May highs.

​Sellers will want to see a close below the 100-day SMA, and then below 18,000 and the 14 June low of 17,993, in order to open the way to more downside.

​Dax chart

Dax chart Source: ProRealTime
Dax chart Source: ProRealTime

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