DAX snaps the downside run and set to open higher this morning as IFO awaits

As just noted in the previous update, the DAX rebounded well on Friday. The index did play second fiddle to the FTSE though, but nevertheless it put on 176 points by the close, to end the week at 19,322. That close snapped a downside run which had seen it fall below the 19k handle three times since November 13. The low on that run was set at 18,812, so as you can see the close on Friday was more than 500 points above that interim low. It was also back above the 21 day moving average (then at 19,227) for the first time since November 11. Earlier this morning the DAX futures were pricing a reopening above 19,450, but it has backed away from that just now. Nevertheless, the index is priced to open higher again this morning and clearly taking a lead from the US futures. There will be more to add on those markets a little later this morning. Meantime, the DAX is just now priced to kick off the new week at around 19,410. There is a German economic release of note this morning and that is the latest IFO business climate index, due at 9am GMT. There will be more to add on that a little later