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DAX extends losses

FXStreet (Mumbai) - The German equity index opened lower today, taking cues from the Asian and the American markets. The blue chip index is trading 0.62% lower at 949 levels.

The index has been driven lower by Technology shares which are trading down by 4%. Basic resources stocks have lost 1.8%, while Industrial stocks, Financial services stocks, and Construction stocks have lost !% each.

No major data is due for release out of the Eurozone or Germany today. However, the markets would continue to price-in the growth concerns triggered by the disappointing German data throughout this week. Moreover, the International Monetary Fund (IMF) warned earlier this week that the slowdown in the core economies may drag the Eurozone into a recession within six months.

Dax Technical levels

Dax has a strong support of 8903 (low of 8th Aug, 2014), while the immediate resistance is located at 8960; breach of which shall open doors for the re-test of 9030 levels.

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