DAX in Asian Trading Just Below the 19,400-Point Mark
In recent trading days, positive economic news from China has been crucial for the western stock market. However, the rest of this week will be quiet regarding China, as it celebrates Golden Week. These days commemorate the founding of China. As a result, the guidance from Asia will be incomplete for the remainder of the week.
The Japanese Nikkei 225 managed to recover slightly after significant losses yesterday. At 06:40 CET, it gained 767 points or 2.02%. This recovery was supported by the latest Tankan report, which confirmed a stable Japanese economy over the past three months. Therefore, it is expected that nothing will hinder the interest rate hikes in December, even though the new Prime Minister, Shigeru Ishiba, continues to advocate for a loose monetary policy.
The DAX followed the Japanese trend slightly and was able to sustain the post-market recovery in the USA during Asian trading. In the early morning hours, the German benchmark index hovered sideways at around 19,395 points. The marginal breakthrough of the "Big Figure" of 19,400 points lasted only for minutes.
DAX Today
Since September 10, the DAX has staged a rally of over 1,200 points. It would be healthy to take a small break to establish a stable base for further gains. We anticipate a well-supported to friendly start to trading today. From a technical perspective, small gains above the 19,400-point mark are possible in the first half of trading, but whether the strength will be sufficient for the second half remains questionable. We expect a moderate rise today, and if indications from Wall Street show a subdued trend, we will go short and sell the DAX, preferably above the 19,400-point mark.
Economic Calendar Today (Filtered):
US East Coast Time
All Day Holiday South Korea - Armed Forces Day
All Day Holiday Hong Kong - National Day
All Day Holiday China - National Day
02:30 CHF Retail Sales (YoY) (Aug)
02:30 AUD Commodity Prices (YoY) (Sep)
03:30 CHF procure.ch PMI (Sep)
03:55 EUR HCOB Germany Manufacturing PMI (Sep)
04:00 EUR HCOB Eurozone Manufacturing PMI (Sep)
04:30 GBP S&P Global/CIPS UK Manufacturing PMI (Sep)
05:00 EUR Core CPI (MoM) (Sep)
05:00 EUR CPI (MoM) (Sep)
08:55 USD Redbook (YoY)
09:30 CAD S&P Global Canada Manufacturing PMI (Sep)
09:45 USD S&P Global US Manufacturing PMI (Sep)
10:00 GBP BoE MPC Member Pill Speaks
10:00 USD Construction Spending (MoM) (Aug)
10:00 USD Dallas Fed PCE (Aug)
10:00 USD ISM Manufacturing Employment (Sep)
10:00 USD ISM Manufacturing New Orders Index (Sep)
10:00 USD ISM Manufacturing PMI (Sep)
10:00 USD ISM Manufacturing Prices (Sep)
10:00 USD JOLTs Job Openings (Aug)
11:00 USD FOMC Member Bostic Speaks
11:15 CHF SNB Vice Chairman Schlegel Speaks
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