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DAX edges back with US futures as US and European yields extend gains

Earlier this morning the DAX extended its modest opening gains and that saw the index rise close to 16,975. However, in more recent trading, as the US futures turn lower, the DAX has now handed back that earlier rise. The reason seems entirely linked to further downside in US and European bonds. US yields have lifted further and that has forced the Bund lower as well. This has weighed on the DAX and sent it down towards 16,900 again. This might all change later when the US ISM data hits the screens, but for now the bond markets are driving stocks lower and that means the DAX is coming back towards the lower end of the day range (16,892-16,972). It is currently trading at 16,910 
 

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