DAX index consolidates after the recent correction from yearly highs as markets digest the positive outcome from phase one trade deal between China and U.S and the end of political uncertainty in the UK after the clear victory of Conservatives. In the U.S. all three major indices, the Dow Jones, S&P 500 AND Nasdaq closed to record closing highs.
Today from Germany we had the Gfk Consumer Confidence Survey came in at 9.6, below analysts forecasts of 9.8 in January. The Ifo figures earlier this week showed that there are signs of improvement in the German economy. The German manufacturing sector is in recession; the Manufacturing PMI data for November came in at 43.4, below the analysts’ expectations of 44.5.
Dax 30 trades 0.50% higher at 13,276 as the positive momentum drives global equities to yearly highs. The last two trading sessions the index is hovering around the ascending trendline which supports DAX since the beginning of the year.