DAX Drops As Markets Assess Earnings, Geopolitics
(RTTNews) - Germany's DAX benchmark that tracks the performance of the 40 largest companies listed on the Frankfurt Stock Exchange is trading on a cautious note as markets evaluated quarterly earnings reports and the latest geopolitical situation. The hawkish tone in the recent FOMC minutes also weighed on sentiment. The DAX index has lost 0.90 percent to 25,059.06 from 25,287.32 at previous close. The day's trading ranged between a high of 25,222.06 and a low of 25,016.56. The index had touched an all-time high of 25,507.79 on January 13.
In the 40-scrip index, 28 scrips are trading in the overnight red zone.
Vonovia topped with gains of 1.9 percent amidst the stock's upgrade from underweight. Fresenius Medical Care as well as Fresenius SE, both gained around 1.4 percent.
Airbus led losses with a plunge of 7.2 percent amidst a lowering in some of the production targets by the company. Volkswagen, BMW, Mercedes Benz Group, MTU Aero Engines, BASF, all declined more than 2 percent.
The six-currency Dollar Index has slipped 0.08 percent below the flatline on Thursday. The index is now trading at 97.63 versus 97.70 at close on Wednesday. The EUR/USD pair has rallied 0.12 percent to 1.1798 after ranging between 1.1808 and 1.1783. The EUR/GBP pair is trading 0.10 percent higher at 0.8741. Amidst the yen's weakness, the EUR/JPY pair has increased 0.05 percent to 182.64.
Amidst a hardening in bond yields globally, ten-year German bond yields have spiked 0.53 percent overnight to 2.7576 percent. The yield which was at 2.7430 percent at the previous close ranged between 2.7638 percent and 2.7387 percent in the day's trading.
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