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4 Mar 2015
DAX drops on mixed PMIs
FXStreet (Mumbai) - Germany’s benchmark index, the DAX drops for the second straight session, moving away from all-time highs following mixed services PMI reading from the Euro area economies, while traders now await Euro zone retail sales data due out shortly.
Currently, the DAX 30 trades lower by -0.47% at 11227.30 levels, having previously posted day’s highs at 11325 levels. The DAX extended losses after the bloc’s services PMIs for February came in worse than markets had expected, while investors also digested earnings reports.
The index is seen trading with a negative market breadth with an advance decline ratio of 7:23. Among major gainers, Daimler AG is the top gainer, up 0.51%, followed by LANXESS AG up nearly 0.48%. While, Henkel AG is the top loser on the index, down -3.85%. Henkel said its fourth-quarter adjusted operating profit rose by over 3%, helped by cost savings and strong demand in emerging markets. However, it net profit for the quarter fell due to restructuring costs.
DAX Technical Levels
The index has an immediate resistance at 11330. Meanwhile, support is seen at 11180 levels and 11090 levels.
Currently, the DAX 30 trades lower by -0.47% at 11227.30 levels, having previously posted day’s highs at 11325 levels. The DAX extended losses after the bloc’s services PMIs for February came in worse than markets had expected, while investors also digested earnings reports.
The index is seen trading with a negative market breadth with an advance decline ratio of 7:23. Among major gainers, Daimler AG is the top gainer, up 0.51%, followed by LANXESS AG up nearly 0.48%. While, Henkel AG is the top loser on the index, down -3.85%. Henkel said its fourth-quarter adjusted operating profit rose by over 3%, helped by cost savings and strong demand in emerging markets. However, it net profit for the quarter fell due to restructuring costs.
DAX Technical Levels
The index has an immediate resistance at 11330. Meanwhile, support is seen at 11180 levels and 11090 levels.