Dusseldorf The German leading index Dax is facing the first week of losses since the beginning of April. On Friday, the Frankfurt stock exchange barometer was up 0.3 percent in the first hour of trading at 15,875 points, but last Friday’s closing price was 15,961 points.
This doesn’t have to be a bad sign for further development, explains Martin Utschneider, technical analyst at private bank Donner & Reuschel. “The overarching chart and market-technical upward trend remained intact despite the last two-week consolidation.” It could still be a “pleasant trading month”.
Several factors are proving to be a burden this week: Weak economic data from the USA and China have increased fears of a global economic slowdown, the problems at the regional bank Pacwest in the USA are fueling concerns about a new banking crisis, and the dispute over raising the debt ceiling in the United States continues.
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