Markets

Outlook for October 29th: DAX collapses. Look at the ECB!

The fear of further corona-related restrictions sent the stock indices down further today. The DAX® temporarily lost 600 points and reached 11,450 points, its lowest level since June this year. The EuroStoxx®50 fell well below the 3,000 point mark. Good numbers from Deutsche Bank and BASF have meanwhile been ignored. The American indices Dow Jones® and S & P®500 could not escape the bad mood. On the contrary. Both indices lost more than 2.5 percent in the first few hours of trading. Some economic data and the ECB interest rate decision are due tomorrow!

In the bond market, the majority of bond prices rose today. At the same time, yields fell slightly. The yield on 10-year Bunds fell to -0.62 percent and the yield on comparable US bonds to 0.764 percent. Like the stock market, the precious metals market collapsed significantly. Gold and platinum lost around 1.6 percent each to $ 1,880 and $ 864, respectively. In the case of silver and palladium, the losses were even greater. The oil price dropped to the monthly low!

Company in focus

From Europe report tomorrow among other things Airbus, Aixtron, Clariant, Drägerwerk, Krones, LPKF, MTU Aero Engines, Nemetschek, Siltronic, Spotify, Symrise, VW and Wacker Chemie Business figures for the past quarter. In the US stand among other things Amazon, Apple, Facebook, Kraft Heinz and Twitter with their business figures in focus.

Important appointments

  • Germany – Publication of labor market data for October
  • Germany – preliminary consumer price index for October
  • Europe – ECB interest rate meeting – interest rate decision (13:45) – PK with ECB President Lagarde (14:30)
  • Europe – Business Confidence, Business Climate, Euro Zone Consumer Confidence, October
  • US – GDP, Q3, first estimate
  • United States – Initial Jobless Claims for the week ending October 24th

Chart technical outlook

Resistance marks: 11,700 / 11,900 / 12,265 points

Support marks: 11,260 / 11,540 points

The DAX® continued its downward trend and closed in the area of ​​the daily low of 12,080 points. The index finds its next support at 11,985 points. A short-term change in trend becomes apparent above 12,260 points at the earliest.

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

Observation period: July 28, 2020 – October 28, 2020. Historical considerations are not reliable indicators for future developments. Source: tradingdesk.onemarkets.de

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

Observation period: October 29, 2013 – October 28, 2020. Historical considerations are not reliable indicators for future developments. Source: tradingdesk.onemarkets.de

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Call warrants on DAX® Index for speculation on an increase in the index

UnderlyingWKNSelling price in EURBase price / knock-out in pts.omegalast valuation day
DAX® indexHR1W874.8611,60011.6December 01, 2020
DAX® indexHR1W8F 2.8812,00014.5December 01, 2020
Source: HypoVereinsbank onemarkets; October 28, 2020; 5:36 pm

Turbo Bear on DAX® Index for speculation on a price loss of the index

UnderlyingWKNSelling price in EURBase price / knock-out in pts.omegalast valuation day
DAX® indexHR1WAH 4.9311,50010.8December 01, 2020
DAX® indexHR1WAB3.8511,20011.20December 01, 2020

Source: HypoVereinsbank onemarkets; October 28, 2020; 5:36 pm

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The daily outlook for October 29: DAX collapses. Look at the ECB! first appeared on onemarkets blog (HypoVereinsbank – UniCredit Bank AG).

Author: Richard Pfadenhauer

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