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DAX feeling the heat of higher oil prices this morning
Much earlier this morning the DAX was priced to reopen below 25,900 and that is what it did. The DAX officially reopened at 25,897. The index had closed yesterday at 26,006. However, it shot higher on that opening and rose to 25,985. That has been the extent of the gains so far though and given where oil prices are this morning, the index has performed pretty well and we do have a potential explanation for that.
You see earlier the German July trade surplus was forecast to be around 16 billion Euros. It was actually 21.3 billion and either way one might want to view that, it was a very good number. That said, it remains doubtful such data will change the wider market dynamic, when it comes to stocks and risk just now. So, as you can see, the DAX is under the cosh again and has traded as low as 25,830, as Oil prices rise further right now. The DAX is currently trading at 25,860
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