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7 Jan 2015
DAX rebounds on Sovereign QE hopes, gains 1%
FXStreet (Mumbai) - Germany’s benchmark index, the DAX, opened the day with a positive gap and trades higher, snapping four days of losses, after muted inflation numbers from the Euro zone raised expectations for European Central Bank (ECB) action when it meets later this month.
Currently, the DAX 30 trades at 9567.50 levels, up 1.04% compared to previous session’s close of 9469.66. The DAX rebounded today amid hopes that weak euro zone inflation data might spur the ECB to unveil a full-blown quantitative easing program at its upcoming meeting later this month.
The index is trading with a positive market breadth with an advance decline ratio of 22:8. Among the major losers, shares in Linde AG, Muenchener Rueckversicherungs-Gesellschaft AG and LANXESS AG are declining -0.5% to -0.73%. Among the top gainers, Deutsche Telekom AG, Merck KGaA, Heidelberg Cement AG and Deutsche Lufthansa AG are gaining 1.21% to 1.66%.
DAX Technical Levels
The index has an immediate resistance at 9600, above which gains could be extended to 9678 levels. Meanwhile, support is seen at 9469 levels and 9330 levels.
Currently, the DAX 30 trades at 9567.50 levels, up 1.04% compared to previous session’s close of 9469.66. The DAX rebounded today amid hopes that weak euro zone inflation data might spur the ECB to unveil a full-blown quantitative easing program at its upcoming meeting later this month.
The index is trading with a positive market breadth with an advance decline ratio of 22:8. Among the major losers, shares in Linde AG, Muenchener Rueckversicherungs-Gesellschaft AG and LANXESS AG are declining -0.5% to -0.73%. Among the top gainers, Deutsche Telekom AG, Merck KGaA, Heidelberg Cement AG and Deutsche Lufthansa AG are gaining 1.21% to 1.66%.
DAX Technical Levels
The index has an immediate resistance at 9600, above which gains could be extended to 9678 levels. Meanwhile, support is seen at 9469 levels and 9330 levels.