DAX Slips on Weaker Daimler EPS – Brace for Sell-off - Forex News by FX Leaders

DAX Slips on Weaker Daimler EPS – Brace for Sell-off

Posted Wednesday, February 6, 2019 by
Arslan Butt • 1 min read

The German stock exchange index, Ger30/ DAX edged lower. The selling trend triggered over weak earnings reports from major carmaker Daimler. The benchmark DAX was down 50 points or 0.44 percent at 11,318 after rallying 1.7 percent in the previous session.

Mercedes parent company Daimler stated that it expects “slight growth” in vehicle sales, revenue and operating profit in 2019, following a year of turbulence in which net profits slumped 28%. The company’s fourth quarter operating profits fell 22% to €2.67bn, missing forecasts for €2.92bn.

Besides, the developments on the US-China trade war are also keeping the global stocks under pressure. US President Donald Trump announced that a new trade deal with China must carry a real structural change to cease unethical trade practices.

DAX – Trade Idea
The idea is to stay bearish below 11,360 with a stop loss above 11,550 and take profit around 11,295.

Good luck!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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