Thursday’s session was full of twists and if it would be longer there would be another one. As expected session on DAX started with 100 pts bearish gap after which decreases were lasting few hours. Chinese stocks didn’t matter even when Shanghai Composite Index gained +1.97%. Moods in Europe were worsened after another fraud in car companies, this time it was about French Renault. Problems of Volkswagen were already discounted, but for French stocks it was a shock. Renault (which is noted on CAC40 index) lost yesterday almost 20% of value. CAC40 ended session with -1,8% decrease. The other European indices also lost: DAX -1.67%, FTSE100 -0.72%.
Moods got better after start of US session, but uncertainty connected with it caused only limited rebound. 27 out of 30 DAX companies decreased, 5 of them more than 3%: Deutsche Bank -4.6%, Volkswagen -3.73%, Daimler -3.56%, Lufthansa -3.42%, BMW -3.35%. 3 companies gained, the most K+S +3.00%.
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On Friday beginning of the session should be nice because no one expected this good session in the US. American indices gained strongly: S&P500 +1.67%, NASDAQ +1.97%. We have to remind that in the US it is the season of quarterly reports. Usually stocks are raising in this time so we can expect that today too. On DAX future we can see almost perfect simple ABCD correction, the question is if it is already finished or will it be deepened. The closest resistances: 9,970 pts, 10,120 pts, supports: 9,800 pts, 9,770 pts, 9,660 pts.
