Monday, July 22, 2024

⏬ DE30 at its lowest levels for the year

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European indices fall amid rising recession risks

Preliminary PMIs for European countries for September showed a significant deterioration, especially in Germany and in the services sector in France. The mood among German businessmen has not been this bad since the start of the Covid pandemic. As a result, DE30 sank into the support area 12400-12500 points. It should be noted that this was the fourth attempt to break below this area recently and unless the index breaks above today, the next week may see a continuation of the decline.

It should also be noted that the DE30 is at its lowest level since November 2020 and is close to a 50% retracement of the post-pandemic recovery move. Although energy prices in Europe are currently stable, they are already high enough to threaten the survival of many companies. DAX is trading down 2.5% at time of writing.

The strong recovery in yields in Europe and the US, combined with higher energy prices, pushed stock indices lower today. Source: xStation5

“This report is provided for general information and educational purposes only. No opinion, analysis, price or other content constitutes investment advice or a recommendation within the meaning of Belizean law. Past performance does not necessarily indicate actual results. The information does so at its own risk.XTB will not be liable for any loss or damage, including, without limitation, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Contracts for Difference (“Contracts for Difference”) are leveraged products and involve a high level of risk. Make sure you understand the risks involved.

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