DAX still eager to break a record

The DAX has made some further progress now this morning. Earlier on it seemed a little uncertain as to which way it wanted to go, as the US futures reacted negatively to a Chinese outlook downgrade from the ratings agency, Moodys. Well, as usual once that news has been digested, it seems not to have had more than a passing impact. However, that does not mean China is any the better off and immediate rhetoric from Chinese authorities, following that news endorses what was said here earlier; that they would not be pleased by the news. Irrespective of that, stocks here in Europe and the US futures too, are higher than they were an hour or more ago. The DAX is flirting with the 16,450 level once and the daily chart remains supportive. The DAX still seems to want to set a fresh record above 16,528, in time before Santa drops his sack down the Chimney. The higher revisions to the latest German service sector PMI data this morning is helping the outlook too.