Frankfurt The Dax defies all odds. In the first hour of trading, the leading German index was at 15,994 points, in the middle of its two-month trading range. Compared to the previous day’s close, the stock market barometer is thus unchanged.
The stock market has been extremely calm again for three days. The Dax has been in a daily trading range of only around 100 points since last Friday. This will eventually turn out to be a “calm before the storm”, but that may take a while.
So far, the Dax has bravely defended its annual gain of almost 14 percent. At the annual high of 16,332 points in mid-May, the increase since the beginning of the year was even 15.7 percent. But so far, very few investors see reasons to take profits.
For Thomas Altmann from the fund house QC Partners, “most people seem to believe or at least hope that things will soon go up after the current sideways movement”.
Weak economic data from China
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