European markets push higher, DAX set to extend gains on Thursday
European and US markets continue to trend higher, while futures data suggests the DAX will continue its positive run on Thursday, 28 May.
DAX poised to rise on Thursday, European markets still elevated
European markets continued to push higher on Wednesday, with the French CAC, the German DAX, and the Italian FTSE MIB all rising. Interestingly, the Swiss SMI fell 114 points during yesterday’s session, to finish out the day at the 9,716 point level.
The French CAC was the best performing index here, rising 1.79% or 82 points; while the German benchmark added 1.33% to finish out the session at the 11,657.69 point level.
On a more granular level the best performing French equities from Wednesday were Renault (+17.47%), BNP Paribas (+8.82%), and Publicis (+7.16%); while the top DAX gainers were Daimler (+8.85%), Covestro (+6.20%), and BMW (+4.86%).
By comparison the worst performing French equities were Wordline SA (-5.42%), STMicroelectronic (-5.06%), and Airbus (-2.67%), while the worst performing German stocks were Infineon (-4.48%), Fresenius Medical Care (-2.32%) and Merck (-2.22%).
Commenting on the DAX’s movements from a technical perspective, IG Chief Market Analyst, Chris Beauchamp said:
‘For the DAX, the steady ascent from the lows of late May continues, with no sign that it is poised to slow down.’
‘Having closed the March gap down and moved above the 100-day simple moving average (SMA) at 11,530, the index continues to maintain the positive outlook, targeting 12,120, the 200-day SMA. Bears will need to see a reversal below 11,000 to provide an indication that some weakness is at hand,’ Mr Beauchamp further noted.
As of 7:15AM (GMT+2), IG Markets data suggests that the DAX is set to open around 141 points or 1.21% higher.
Other global market moves in focus
Elsewhere, US markets also continued to trend higher on Wednesday – though the tech-heavy NASDAQ Composite came under some pressure, as tensions flare between US President Donald Trump and US-based social media companies. Indeed, in a relatively vague announcement from the White House, it was announced that Mr Trump would sign an executive order related to social media companies on Thursday. No further details were provided.
Even so, the Dow Jones Industrial Average rose 2.21%, the S&P 500 gained 1.48% and the NASDAQ Composite closed out the session 0.77% higher.
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