Wednesday’s DAX session was controlled by bears. Index getting close to resistance at 9,600 pts and similar situation on S&P500 being close to 1,950 pts caused depreciation. On Wednesday US economic data was clearly worse than forecasts. We have to remember that currently bad economic data is a good news for stocks. It can delay another rates hike by FED.
As a result all European stocks lost a lot and Wall Street after decreases in the beginning ended with appreciation. English FTSE100 -1.60%, French CAC40 -1.96%, German DAX -2.64%. One of the MDAX companies lost more than 9% during the session – Hugo Boss reported really weak results. 29 out of 30 DAX companies depreciated, 5 companies more than 4% – Volkswagen, Infineon, Continental, Daimler, BMW. Fresenius SE was the only company gaining (+3.43%) after nice results in 2015.
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Technically DAX reached support in 9,100 pts area, which is bullish gap from February 15th. DAX future gained after the end of session and ended in 9,300 pts resistance area.
