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DAX strengthens on monetary easing from BOJ

FXStreet (Mumbai) - The German equity markets saw a gap-up opening today tracking the rally in the risk assets across the globe after the Bank of Japan announced a surprise expansion in the target monetary base.

The Dax is trading 1.55% higher at 9257, after opening at a day’s high of 9897 levels. The index breadth is positive with just one stock out of the 30 trading in the red. Among the stocks, Infinoen AG gained 3.00%. Other top gainers for the day include Volkswagen, Bayer, BASF shares. Meanwhile, Linde AG is the top loser for the day, down 0.48%.

Moreover, the markets are inching lower after a strong opening since the official data released today showed that the consumption in the Eurozone’s largest economy weakened in September. The Retail sales in September fell 3.2% in calendar-and inflation-adjusted terms, compared with August. The actual number was significantly lower than the 0.8% decline expected by the markets.

Dax Technical levels

The index has an immediate support at 9140, under which the prices can fall to 9114 levels. On the flip side, resistance is seen at 9297 and 9341 levels.

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