1 Dec 2014
German equities edge lower
FXStreet (Mumbai) - German equity markets edged lower today, although losses have been relatively modest compared to the other major European and the US equity indices.
The DAX traded 0.32% lower at 9948.50 levels at the time of writing. The index breadth is negative with an advance-decline ratio of 11:19 stocks. The fall is being led by banking stocks which are down 2.09%, followed by Telecom stocks, down by 1.55%. Meanwhile, Utility stocks and Food and Beverage stocks are up 3.255 and 3.58% respectively.
Among the index stocks, Commerzbank AG and Deutsche Bank AG are down 2.48% and 2.17% respectively. Other major losers include Deutche Telekom AG, Henkel VZO, and Allianz. Meanwhile, the plus side includes, shares in E.ON SE, which are up 4.63% after the company announced the decision to split into two companies. Moreover, the split - Reneweables unit and Conventional energy - provide a clear distinction between business portfolios that vary in risk, with each company appealing to different investor groups.
The German markets managed to remain relatively resilient despite the PMI data, which came-in at 49., highlighted the contraction in the manufacturing activity in November.
DAX Technical Levels
The index has an immediate support located at 9891.20 (Sept. 19 high), under which prices can fall to 9773.70 (Sept. 8 high). Meanwhile, resistance is seen at 9972 and 10,000 levels.
The DAX traded 0.32% lower at 9948.50 levels at the time of writing. The index breadth is negative with an advance-decline ratio of 11:19 stocks. The fall is being led by banking stocks which are down 2.09%, followed by Telecom stocks, down by 1.55%. Meanwhile, Utility stocks and Food and Beverage stocks are up 3.255 and 3.58% respectively.
Among the index stocks, Commerzbank AG and Deutsche Bank AG are down 2.48% and 2.17% respectively. Other major losers include Deutche Telekom AG, Henkel VZO, and Allianz. Meanwhile, the plus side includes, shares in E.ON SE, which are up 4.63% after the company announced the decision to split into two companies. Moreover, the split - Reneweables unit and Conventional energy - provide a clear distinction between business portfolios that vary in risk, with each company appealing to different investor groups.
The German markets managed to remain relatively resilient despite the PMI data, which came-in at 49., highlighted the contraction in the manufacturing activity in November.
DAX Technical Levels
The index has an immediate support located at 9891.20 (Sept. 19 high), under which prices can fall to 9773.70 (Sept. 8 high). Meanwhile, resistance is seen at 9972 and 10,000 levels.