Wednesday was another bearish day on European indices. French CAC40 -0.95%, British FTSE100 -0.14%, the worst in Europe was Greek ATHEX -3.80%. All German indices decreased – DAX -0.76%, MDAX -0.70%, TECDAX -0.46%, SDAX -0.29%. The reasons of declines on German stocks are still the same: gaining EURUSD and weak Wall Street. Yesterday Eurodollar broke above 1.10 level.
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Among DAX companies Volkswagen had great session, it gained +6.21%. It is thanks to the Frankfurter Allgemeine Zaitung where newspaper said that there are 40k cars with wrong CO2 emission instead of 800k said earlier. This information was confirmed by the company itself. 25 out of 30 DAX companies decreased, the most Adidas -3.06%, Deutsche Boerse -2.08%, Bayer -2.07%.
On Wednesday DAX was still on top when ended session on 10,592 pts which touched the support just a little. Just to remember, the most important support right now is 10,500-10,600, which is bullish gap from October 23rd. The situation on futures looks much worse, because yesterday evening DAX future was on 10,450 pts. The only solace is in fact that FED meeting is coming up and it seems like markets already discounted first rates hike so gains in the end of next week are quite probable.
