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DAX set for a lower opening today
Yesterday the DAX was the best performing major European stock market index and by some margin compared to the FTSE and CAC. The DAX closed 110 points higher, at 18,608. However, the losses in Asia (most notably India) have impacted the opening outlook and slight downside in the US futures is pushing the DAX futures lower ahead of the opening. The prospect of an ECB rate cut on Thursday may have been a supporting factor most recently and perhaps the more encouraging PMI data of late has been another, but the reader is reminded; in that regard the German economy is still in contractionary territory. So, the DAX futures are right now pricing the opening, at or below 18,550 this morning
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