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Frankfurt shares outlook: Dax goes out of momentum after recovery rally

Wednesday, 12/29/2021 8:17 AM from

dpa-AFX

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The bull in front of the Frankfurt Stock Exchange. pixabay.com

FRANKFURT (dpa-AFX) – After the recent recovery rally, the Dax should the momentum run out on Wednesday. Around an hour before the start of the penultimate trading day of the year, the X-Dax, as an indicator for the German leading index, signaled a minus of 0.06 percent to 15,955 points. Its Eurozone counterpart EuroStoxx 50 is also expected to be a little weaker. The day before, the US stock markets had also paused, and in Asia, losses dominated on the Morgan.

In the past five trading days, the Dax had risen by almost five percent. Since the beginning of the year there has been a price increase of more than 16 percent. With a view to the Coronavirus variant Omikron, the markets are currently pricing in a milder course for diseases, wrote analyst Jeffrey Halley from the Oanda trading company. The virus and its consequences are likely to slow down the economic recovery, but “not let it fall into a hole”.

Most market participants have already closed their books, added the technical chart analyst Christoph Geyer. Meanwhile, a few traders tried “by buying in the weak market to pull prices up a little” in order to look good in the end-of-year accounts. Because of the attraction of large round numbers, the Dax could still test the 16,000 point mark in the remaining two trading days, the expert believes. Whether the strength is sufficient to target the record high of 16,290 points from November is, however, very questionable./gl/jha/

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