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DAX backs off in early trade

The higher opening for the European stock markets this morning was led by the FTSE 100, with the index climbing by more than 1% at one stage. As noted, much of that was due to a surge in the price of BP shares, which is a major index component and can often impact the wider price action. However, the rise in the FTSE 100 is just now being tempered and that has impacted the DAX. The DAX did reopen higher too, despite some downside in shares of Infineon. The index was of course initially boosted by the surge in German factory orders, but that is seemingly running out of steam right now. The DAX opened today at 16,965, but that was pretty much the high of the day so far. It is now dropping back and falling back below where it closed yesterday, at 16,904. So, it seems that once again and for the time being, a return to 17k is a bridge too far at the moment

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