12 May 2015
DAX tanks nearly 2% amid deepening bond rout
FXStreet (Mumbai) - Germany’s benchmark index, the DAX dived nearly 100 points at open and fell deeper in to losses as markets were left unimpressive amid inconclusive talks between Euro group and Greece. While bond sell-off, led by German bunds, resumed across the euro area economies which hampered investors’ sentiments.
Currently, the DAX 30 trades lower by -2.12% at 11426 levels, having posted day’s high at 11563.30 and day’s low at 11377.50. The DAX remained in red as rising bond yields pushed the shared currency higher towards 1.13 handle, thereby exerting pressure on the export-oriented stocks.
The index is seen trading with a negative market breadth, the advance-decline ratio being 1:29. ThyssenKrupp AG is the sole gainer up 3.57% after the company lifted its annual profit forecasts. While K+S AG is the top loser so far, down -4.53% on the day. While Deutsche Post AG slides -3.67%.
DAX Technical Levels
The index has an immediate resistance at 11600. Meanwhile, support is seen at 11350 levels and 11100 levels.
Currently, the DAX 30 trades lower by -2.12% at 11426 levels, having posted day’s high at 11563.30 and day’s low at 11377.50. The DAX remained in red as rising bond yields pushed the shared currency higher towards 1.13 handle, thereby exerting pressure on the export-oriented stocks.
The index is seen trading with a negative market breadth, the advance-decline ratio being 1:29. ThyssenKrupp AG is the sole gainer up 3.57% after the company lifted its annual profit forecasts. While K+S AG is the top loser so far, down -4.53% on the day. While Deutsche Post AG slides -3.67%.
DAX Technical Levels
The index has an immediate resistance at 11600. Meanwhile, support is seen at 11350 levels and 11100 levels.