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DAX trades below 8800, SAP stock falls 4%

FXStreet (Mumbai) - The German equity markets are trading weak today, contradicting the rebound witnessed in the Asian and the US Equities.

The Dax is down 0.88% to trade at 8782.00 at the time of writing. The Index futures were pointing to a weak opening despite of the Friday’s strong recovery on the Wall street. The Index is being driven lower by the German business software maker SAP, which is trading lower by 4.31%. Moreover, the stock has declined after the company cut its outlook for full-year operating profit. Meanwhile, the airliner Lufthansa has shed almost 2% today. The index is being supported to some extend by the German sportswear firm Adidas, whose share price has gained almost 6% today.

The weakness in the German stock markets is likely to pull the other European markets lower.

Dax technical levels

Dax has an immediate resistance of 8850 (Friday’s high), above which the index faces a major resistance of 8903 (Aug 8 low). On the flip side, the index can fall to 8580 levels if the immediate support of 8703 is breached.

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