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DAX set to open higher ahead of the IFO index this morning

Yesterday the German DAX was the standout best performing major European stock market index. The DAX closed 1.55% higher, compared to gains of 0.81% for the CAC 40 and 0.26% for the FTSE 100. The DAX piled on 276 points, to close at 18,137. That was close to its best levels of the day, at 18,144. Of course the better than forecast German services PMI and slight gain in the Manufacturing index too, was the driver behind the gains. The higher US closes last night have helped to ensure the DAX futures remain on the front foot this morning too. So, right now the index is priced to reopen at above 18.200 this morning. However, at 8am GMT we will get the release of the latest German IFO index and that could have an impact. The markets expect a modest improvement on this today and it might be important for the DAX; that this is what shows up, in order to build on the gains seen yesterday

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