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Nikkei – FTSE – DAX
The Nikkei 225 Index Closes 2.21% Higher
In Tokyo, the Nikkei 225 Index went up by 923 points or 2.21 percent on Tuesday.
Top gainers were Mitsui Mining & Smelting (13.30%), CyberAgent (10.67%) and Inpex (7.09%).
FTSE 100 Rises for 2nd Session
The FTSE 100 traded higher on Tuesday, building on Monday’s 0.4% gain, driven by a record 19% surge in Spirax shares after the steam flow engineer posted better-than-expected earnings and maintained guidance.Citi called the results “encouraging,” with scope to beat forecasts, offering reassurance after years of declines.
DAX Moves With Caution
The DAX in Frankfurt opened slightly higher on Tuesday but pared gains to trade near the flatline around 24,070, amid caution ahead of key economic releases from both Germany and the US. Initially, market sentiment was boosted by optimism that the extended 90-day truce between the US and China could lead to a meaningful trade agreement.
DAX
Dax managed to go over 24K , but stayed short of 24.435 – resistance.
Fact that it closed above 24.150 is giving it a fair chance to attack tomorrow 24.515 and ultimately previous high at 24.640
For this move to be just a test of the previous high or even a bit higher high, it has to go over 25.050 in which case it would establish itself in the higher channel with targets as high as 27.300 & 29.500
DAX
Dax is kind of Yoyo last several days – one day up another down….
It is not exactly a flat liner, but we can see that there are two zones:
24.500 & 23.900 – it oscillates between the two
Wider range is between 24.640 & 23.460
Before it creates some recognizable pattern, it would be silly to call any side right now.
DAX
Dax went through two supports and so far last one at 23.700 hasn’t be endangered , yet
We are looking at possible correction all the way till 23.295
Resistances: 24.105, 24.165 & 24.305
For it to return to Up trend Dax needs to overcome that 24.305 today.
Right now pressure is building towards Up, but if it doesn’t go above 24.105 in next two hours it could resume downtrend
Trump Tariff Talk Damps European Bourses Midday
European bourses tracked solidly lower midday Friday, after President Donald Trump late Thursday indicated a letter may be sent to European Union officials before the weekend, with new tariff schedules.
Trump also said late Thursday that he is planning a 35% import levy on Canadian products, although certain goods, covered under an existing trade agreement, would be exempted.
Tech stocks led broad market declines on continental trading floors, although oil issues held firm.
Investors also eyed Wall Street futures flashing red, and choppy closes overnight on Asian exchanges.
In economic news, wholesale prices in Germany rose by 0.9% in June on year, reported the Federal Statistics Office.
The pan-continental Stoxx Europe 600 Index was off 1% mid-session.
The Stoxx Europe 600 Technology Index was down 0.9%, and the Stoxx 600 Banks Index lost 1.9%.
The Stoxx Europe 600 Oil and Gas Index was steady, but the Stoxx 600 Europe Food and Beverage Index fell 0.7%.
The REITE, a European REIT index, fell 0.7%, while the Stoxx Europe 600 Retail Index was down 0.7%.
On the national market indexes, Germany’s DAX was down 1%, and the FTSE 100 in London lost 0.4%. The CAC 40 in Paris was off 0.9%, and Spain’s IBEX 35 eased 0.8%.
Yields on benchmark 10-year German bonds were higher, near 2.68%.
Front-month North Sea Brent crude-oil futures were up 0.8% at $69.19 a barrel.
The Euro Stoxx 50 volatility index was up 8.7% to 17.39, still indicating below-average volatility for European stock markets in the next 30 days, a positive signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.
Stoxx Europe 600
DAX
After reaching the new all time high at 24.640 , just a bit short of resistance at 24.775 Dax took a dive
Obviously that channel resistance line is the most important one right now – it separates DAX from getting into brand new universe with levels as high as 30K
Supports now come at: 24.120, 24.025 & 23.700
23.300 stays as most important underpinning level.
DAX
Higher high today, but still short of 24.785 – important resistance and one that separates two worlds…
Those two worlds are : 20.000 – 24.785 & 24.785 – 29.260
Supports: 24.480, 24.355 & 23.995
Tomorrow, being a Friday we might see some profit taking and consolidation, but if above 24.785 DAX will fly.
U.S. Futures Decline, European Stocks Mixed
U.S. futures for the S&P 500 were down 0.5% and futures for the Dow Jones Industrial Average declined 0.3%. Changes in futures do not necessarily predict movements after the opening bell.
In Europe, the Stoxx Europe 600 was flat in morning trading. Bilfinger rose 2.3% and Auto1 Group climbed 2.2%. On the other hand, Stellantis sunk 2.8%, and Carl Zeiss Meditec lost 2.8%. The FTSE 100 lost 0.2%. Other stocks in Europe were mixed as France’s CAC 40 was flat and Germany’s DAX climbed 0.4%.
The Wall Street Journal Dollar Index climbed 0.3% to 94.51.
In commodities, Brent crude fell 0.3% to $68.07 a barrel, and WTI crude dropped 0.2% to $66.39 a barrel. The European benchmark price for natural gas, the Dutch futures contract TTF, was down 1.6% to 33.57 euros a megawatt hour.
The German 10-year Bund yield rose by 1 basis point to 2.619% from 2.607%, and the yield on the 10-year U.S. Treasury fell by 1 basis point to 4.34% from 4.351%. Bond prices and yields move in opposite directions.
Stocks in Asia were mixed as Japan’s Nikkei 225 index declined 0.6%, and Hong Kong’s Hang Seng declined 0.4%, whereas China’s benchmark Shanghai Composite held steady.
WTI Crude Oil
DAX
Dax did all mentioned last night :
Support at 23.700 ( low 23.762 ) held
Resistance at 23.865 taken out
Higher high achieved -23.944
So what next?
The Pattern that we have right now suggests not only higher high tomorrow, but 24.120 attacked
If taken out, next target is at 24.480 – All time high
DAX
Key facts today:
– Dax tested support at 23.620 ( SMA 5 ) and rebounded
– Has to overcome 23.865 tomorrow to be able to continue Up
– If losses tomorrow 23.700 targets 23.200 in coming few days
This is a Bullish close today and if proven right DAX will continue towards 24.525 & 24.745 ultimately
However, loss of 23.200 would leave Double top in place and door would be open for change of trend and levels as low as 20.000
US Equity Futures Rise Ahead of Powell Testimony
US equity futures were higher pre-bell Wednesday, ahead of the second day of Federal Reserve Chair Jerome Powell’s semi-annual monetary policy testimony before the US Congress, as the fragile peace process for the Middle East remained in the backdrop.
Dow Jones Industrial Average futures were slightly higher, S&P 500 futures were up 0.2%, and Nasdaq futures added 0.4%.
Powell will return to Capitol Hill at 10 am ET for day 2 of his testimony, this time speaking before the Senate Banking, Housing and Urban Affairs Committee.
Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.7% at $66.65 per barrel and US West Texas Intermediate crude up 1% at $65.04 per barrel.
The May new home sales report, scheduled for release at 10 am ET, is expected to show the number of newly constructed home sales fell to a 694,000 annual rate in May from 743,000 previously, according to estimates compiled by Bloomberg.
In other world markets, Japan’s Nikkei closed 0.4% higher, Hong Kong’s Hang Seng ended 1.2% higher, and China’s Shanghai Composite finished 1% higher. Meanwhile, the UK’s FTSE 100 was down 0.2%, and Germany’s DAX index was down 0.5% in Europe’s early afternoon session.
In equities, QuantumScape QS stock was up 41% after the battery developer said late Tuesday it has integrated its Cobra separator technology in battery production.
Precision BioSciences DTIL shares were 16% higher after the company said its potential Duchenne muscular dystrophy treatment has secured the US Food and Drug Administration’s rare pediatric disease designation.
On the losing side, Torrid CURV shares were 32% lower after the company said late Tuesday it priced a secondary stock offering at $3.50 per share. Allot ALLT shares were down 14%, a day after the company priced an offering of 5 million shares at $8 apiece for gross proceeds of $40 million.
Dow Jones Index
DAX
Dax is hovering just above the support at 23.200 – that was breached two days ago, but it managed to spike back.
Resistances: 23.385, 23.480 & 23.605
If support at 23.200 lost again ( and it closes below it ) next target is at 22.515
On a positive note, Dax didn’t react violently on the current geo political crisis.
DAX
23.200 – Above or below – To be or Not to be….
Resistance above the head at 23.500 – even if taken out on first attempt, Dax would have to test support once again….
Monday should bring all the answers.
However, if Dax closes tonight below 23.200 it would be instantly clear.
Down there is 22.450 waiting and 24.600 up there.
Gold, Global Stocks Fall Amid Israel, Iran Escalation Fears. Oil Prices Are Rising.
Global stocks were retreating on Thursday as the risk of an escalation in the Middle East grew.
With U.S. markets closed for the Juneteenth holiday, investors around the world are weighing up the likelihood of the U.S. getting directly involved in the conflict between Israel and Iran. President Donald Trump has approved a plan to attack Iran, but is holding off executing it to see if Iran will agree to abandon its nuclear program, The Wall Street Journal reported, citing unidentified people familiar with the matter.
Stock indexes overseas fell, with perhaps the only surprise being how small the moves were. Japan’s Nikkei finished 1% lower, while the Hang Seng in Hong Kong fell 2%. In midday trading, the STOXX Europe 600 was down 0.3%. Germany’s DAX retreated 0.4%, while the FTSE 100 in the U.K. lost 0.2%.
Oil Moves
Because Iran is a major exporter of oil and the attacks may threaten production, crude prices were rising. Wael Sawan, the chief executive officer of oil major Shell, warned Thursday that there could be a huge impact on prices if the Strait of Hormuz should become blocked, according to a Bloomberg report.
West Texas Intermediate futures, the U.S. standard, were up 1% to $75.86 a barrel. They have gained 25% over the past month. Brent crude futures, the international benchmark, advanced 0.6% to $77.17 a barrel.
It’s typical for geopolitical events like the Israel-Iran conflict to push up energy prices and weigh on stocks. The fear is that the global economy won’t be able to function smoothly as oil and gas supplies become constrained.
Fed Decision
The Federal Reserve decision to keep interest rates on hold on Wednesday didn’t do much to move the needle for stocks. Officials revised up estimates for inflation this year but the central projection for two quarter-point rate cuts by the end of the year remained intact. Chair Jerome Powell emphasized the high level of uncertainty about the economic outlook, adding that “no one holds these rate paths with a great deal of conviction.”
Overnight, central banks in Sweden and Switzerland lowered interest rates. The Swiss National Bank even returned its key rate to 0%, the lowest since the end of 2022. The Bank of England kept interest rates unchanged when it made its latest decision early Thursday.
U.S. Futures
Futures tied to U.S. indexes were roughly in line with global stock trading. Contracts tied to the Dow Jones Industrial Average, S&P 500, and Nasdaq were all down about 0.4%. The yield on the 10-year U.S. Treasury bond finished at 4.396% Wednesday, roughly where it was at the end of last week.
Gold
Gold, usually considered a safe haven asset in times of turmoil and a hedge against inflation if energy costs start driving up consumer prices, was actually falling on Thursday. Futures were down 0.4% to $3,393 an ounce. They’re still up 29% this year and remain close to a record high.
Crude Oil Chart
