📉 European indices sink, DE30 drops below 15,000 pts
Stock markets in Europe followed into footsteps of their Asian peers and took a dive lower at the start of the cash session on Wednesday. Major blue-chips indices from the Old Continent trade over 1% lower with German DAX (DE30) and Dutch AEX (NED25) dropping around 2%. Concerns over growth outlook look to be the prime reason behind today's declines with German factory orders data for August showing a massive miss today ( -7.7% MoM vs -2.2% MoM expected). A continued increase in energy prices also plays a role with European natural gas benchmark trading 20% higher today alone!
A look at DE30 shows us that the index is trading at the lowest level since mid-May 2021. The German index is making a break below the neckline of a head and shoulders pattern today, creating a risk of an even bigger drop. Textbook range of a downside breakout from this pattern points to a drop to as low as 14,000 pts area!
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile app
Source: xStation5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
