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DAX facing an uncertain start today
Yesterday the DAX was the worst performing major European stock market index. The DAX handed back 0.59%, compared to a loss of just 0.13% for the FTSE 100. The CAC 40 was by far the best performer, with a gain of 0.19%. The DAX closed 147 points lower, at 24,999. The futures have been both sides of the 25k handle in terms of the opening call this morning and as such direction in live trading looks very uncertain just now.
The higher EUR/USD is a potential dampener, but not so if that reveals demand for the Euro in order to rotate back to the DAX. The real problem remains the oil markets and how they trade again today. In real terms the oil price remains elevated, despite being off the highs seen earlier this week. That remains a real headwind again today, if prices do not recede. The DAX is currently priced to reopen around 25,005
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