After 7 bearish sessions in a row investors were happy because of rebound. However on Thursday another bearish wave showed up and 8,700 pts area was tested. Until afternoon DAX was trying to make out for losses. When investors realized that Wall Street also is more bearish DAX went down end ended with -2,93% score. Rest of Europe had similar situation, French CAC40 -4.05%, English FTSE100 -2.39%.
After Wednesday’s good day for German banks (DB +10.20%, Commerxbank +8.22%), on Thursday these stocks were at the bottom. 29 out of 30 DAX companies decreased, the most Commerzbank -6.57%, Deutsche Bank -6.14%, Allianz -5.28%, K+S -5.13%.
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On Friday macro data showed up, the most important will be Eurozone GDP and industrial production and USD retail sales and import/export prices.
On DAX future 8,700 pts support is still in power, after breaking it way to 8,400 pts will open.
