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DAX set to open higher this morning

The European stock markets all closed lower yesterday. The losses came as US stocks balked at the higher CPI data. That saw the FTSE 100 come close to a break below its 200 day moving average into the close (more on that later) and the DAX closed below 16,550. The FTSE 100 was actually the worst performer amongst the major indexes, with the DAX a close second in that regard. The DAX closed at 16,547, which was some way below its earlier session high at 16,839. In that sense it was an outside day reversal for the DAX, but I am not pinning too much on that given the later moves in the US markets last night. Besides, the DAX futures are higher this morning and currently pricing a reopening at just below 16,650. It will be interesting to see if the gains in the futures are transposed into live trading, when the index reopens shortly, at 8am GMT. 

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