Back
20 Aug 2015
DAX nose-dives amid China jitters – at fresh 7-month lows
FXStreet (Mumbai) - Germany’s benchmark index, the DAX opened with a negative gap of over 200 points and subsequently accelerated losses as falling energy prices and China troubles hit exports stocks badly.
Currently, the DAX 30 trades over 1% lower at 10570, hitting fresh seven month lows at 10533.50. German stocks witnessed steep losses as China stocks rout extended which dampened the appetite for riskier assets such as equities. A slowing Chinese economy raised fears over its import abilities, hurting shares of European exporters.
The index trades with a negative market breadth with the advance-decline ratio being 3:27. Continental AG is the top loser, down -1.94% followed by BASF AG which is losing -1.70%. While LANXESS AG reversed previous losses and stood 0.68% firmer on the day.
DAX Technical Levels
The index has an immediate resistance at 11680. Meanwhile, support is seen at 10500 levels and 10380 levels.
Currently, the DAX 30 trades over 1% lower at 10570, hitting fresh seven month lows at 10533.50. German stocks witnessed steep losses as China stocks rout extended which dampened the appetite for riskier assets such as equities. A slowing Chinese economy raised fears over its import abilities, hurting shares of European exporters.
The index trades with a negative market breadth with the advance-decline ratio being 3:27. Continental AG is the top loser, down -1.94% followed by BASF AG which is losing -1.70%. While LANXESS AG reversed previous losses and stood 0.68% firmer on the day.
DAX Technical Levels
The index has an immediate resistance at 11680. Meanwhile, support is seen at 10500 levels and 10380 levels.