Markets

Daily outlook for 3.6 .: DAX rises to 12,000. Lufthansa in the spotlight!

The bond market remained calm. The yield on 10-year German government bonds rose to minus 0.41 percent and the yield on comparable US securities stood at 0.67 percent. Precious metals started the new week weaker. Silver, however, was able to defend the $ 18 a troy ounce mark. With a view to the upcoming OPEC + meeting, the oil price was much firmer at the start of the week. The price of a barrel of Brent rose to over $ 39.

Focus on companies

The supervisory board of German Lufthansa has accepted the state aid requirements. The airline share then flew close to the 10 euro mark. By the close of trading, there had been an increase of over four percent. The improved mood in the airline sector also boosted the share of MTU Aero Engines. Cyclical stocks such as automobile manufacturers were also particularly popular in the DAX® BMW, Daimler and VW and the chemical sector with titles like BASF and Covestro.

In the second row fell Airbus, Commerzbank, Hugo Boss and ThyssenKrupp with above-average gains. ThyssenKrupp benefited from renewed speculation about a cooperation with Tata and Airbus of possible production cuts on the A320. Aroundtown went up in double digits after the announcement of a share buyback program. The German mechanical engineering sector was also striking, as evidenced by the development of the Solactive® German Mechanical Engineering Index. The winners of the past few weeks like Compugroup, Sartorius and Siemens Healthineers meanwhile had to drop feathers again.

The German Lufthansa reports final figures for the past quarter tomorrow and possibly details about the planned rescue package

Important appointments

  • China – Caixin PMI
  • Germany – labor market data
  • USA – ADP Labor Market Report
  • USA – ISM Purchasing Managers’ Index
  • USA – Industry orders

Chart technical outlook

Resistance marks: 12,280 / 12,400 points

Support marks: 11.470 / 11.640 / 11.740 / 11.850 / 11.950 points

The DAX® jumped above the 11,800 point mark at the start of trading and improved to 12,000 points during the day. The bulls are currently on the trigger and the next technical hurdle is only 12,280 points. On the underside, the DAX® is widely supported in the range of 11,850 points. Even setbacks up to 11,470 points cannot cloud the current bullish picture. Below this mark, however, the mood could change sustainably.

DAX® in points; 4-hour chart (1 candle = 4 hours)

Viewing period: 04/29/2020 – 29.05.2020. Historical considerations are not reliable indicators of future developments. Source: tradingdesk.onemarkets.de

DAX® in points; Weekly chart (1 candle = 1 week)

Observation period: 03.06.2014 – 2.06.2020. Historical considerations are not reliable indicators of future developments. Source: tradingdesk.onemarkets.de

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