Beginning of Tuesday’s session was a pure example of panic in the markets. It’s all because of falls in Asia. Chinese Shanghai Composite Index decreased -6.42% and now is at the lowest level for more than a year. German DAX opened 150 pts lower than Monday’s close, however all the session it was not only increasing but also tested 2 weeks high at 9,867 pts and ended day with +0.89% gain.
The most important European indices also ended session with increases: French CAC40 +1.05%, English FTSE100 +0.59%. 18 out of 30 DAX companies gained and 12 lost. The biggest appreciation had Samsung (+8.62%) after publication of good data and forecast raised. Good session also had companies form energy sector: RWE +6.31%, E.ON +4.05%. The weakest was Deutsche Post -2.73%.
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During the session we also had quite a rollercoaster on oil. After strong decreases on Monday, Tuesday also started with depreciation which lasted till information from Iraq about possible cut of oil production. Price reacted instantly, in few hours price grew +5%. Good moods were also helped by US macro data and US indices gained: S&P500 +1.41%, NASDAQ +1.09%.
On Wednesday evening we will know FOMC decision about interest rates and Europe can discount it tomorrow, so I don’t expect big moves during today’s session. The closest resistances on DAX future: 9,870 pts, 9,970 pts, supports 9,690 pts, 9,590 pts.
