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DAX edges higher after ECB reassurance

FXStreet (Mumbai) - The German blue-chip index, Dax, posted modest gains after the European central Bank (ECB) reassured markets yesterday that the rate-setters are unanimous on increasing the balance sheet size to early-2012 levels.

The Dax is trading 0.33% higher at 9408.00, compared to the previous session’s close of 9377.41. The index breadth is negative with an advance decline ratio of 12:18. The shares in the Europe’s biggest insurer, Allianz gained 4.01% after the company said it would pay out 50% of net profit as a dividend, compared with 40% up to now. Other top gainers for the day includes Thyssenkrupp AG , Adidas AG, Deutsche Telekom AG, Lufthansa AG. Meanwhile, Lanxess AG extended its slide by 2.94% today, while Fresenius ST lost 2.26%.

The further gains in the stock markets may be capped by a weaker-than-expected German Industrial data released earlier today. German industrial production increased by 1.4% MoM in September, compared to the expectation of 2.0% increase.

Dax Technical levels

The index has an immediate resistance at 9413, above which the prices can rise to 9467 levels. Meanwhile, the index can fall to 9339, if the immediate support at 9370 is breached.

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