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German 30 (DAX) Price Forecast Hits 18,205; Tech Stocks and ECB Moves in Focus

The German 30 (DAX) recently experienced a significant uptick, climbing 1.50% to close at 18,205.94, showcasing the market's optimistic

Arslan Butt•Sunday, March 24, 2024•2 min read
DAX Price Chart

The German 30 (DAX) recently experienced a significant uptick, climbing 1.50% to close at 18,205.94, showcasing the market’s optimistic stance. The week was highlighted by remarkable gains in the technology sector, with Siemens Energy AG soaring by 6.54% and SAP by 4.05%, contributing to the bullish momentum. Furthermore, Infineon Technologies added a 2.87% increase to the mix.

DAX Price Chart - Source: TradingView
DAX Price Chart – Source: TradingView

The banking sector, including Deutsche Bank and Commerzbank, enjoyed gains of 2.57% and 1.18%, respectively, reflecting a positive economic outlook.

Conversely, the auto sector presented a mixed picture; BMW and Mercedes Benz recorded losses of 1.47% and 0.62%, while Volkswagen bucked the trend with a 0.20% increase.

Economic Indicators & ECB Focus

Investor attention shifts to Friday’s German business sentiment for March, with the Ifo Business Climate Index expected to rise from 85.5 to 86.0. A stronger-than-anticipated figure could further fuel interest in DAX-listed companies.

The European Central Bank’s (ECB) stance, particularly from President Christine Lagarde and Chief Economist Philip Lane’s forthcoming comments, could also play a crucial role in shaping market sentiment, especially regarding potential rate adjustments.

Upcoming Economic Events

  • Tuesday: German GfK Consumer Climate expected to improve from -29.0 to -27.7.
  • Wednesday: Spanish Flash CPI projected to rise from 2.8% to 3.1% year-over-year.
  • Thursday: German Retail Sales month-over-month forecast to increase from -0.4% to 0.4%.
  • Friday: A series of indicators, including French Consumer Spending and Prelim CPI, will provide further insights into the Eurozone’s economic health.

This blend of corporate performance and imminent economic data paints a dynamic week ahead for the DAX, potentially influencing investment strategies and broader market dynamics.

German 30 (DAX) Price Forecast: Technical Outlook

DAX Price Chart
DAX Price Chart
ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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