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DAX edges lower in early trading as ZEW awaits

At 9am GMT the latest German and Eurozone ZEW economic sentiment index will be released. The markets expect an improvement in the German May reading, up from that recorded in April. The forecast is for a rise to around 46 from 42.9. The current conditions index is forecast to improve slightly, from -79.2. That expected to improve to around -75.8. Ahead of this release the DAX has opened a little lower today and it is just probing the downside in early trading. Of course, one could easily argue; that any improvement is already priced in at these near record levels for the index and what is not priced in, is a downside surprise in this data. The DAX is currently trading at 18,710 

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