DAX40: new absolute record at 17,386 despite PMI plunge

(CercleFinance.com) – The DAX40 (+1.5%) opens a gap above 17,158 and shatters a new absolute record at 17,386, just as the slowdown in the German manufacturing PMI is worsening unexpectedly , falling to around 42.3 from 45.5 in January and well below the Bloomberg consensus of 45.
However, it is the automobile manufacturers (the No. 1 industry in Germany) which pull the index beyond the 17,198 tested during the session on February 16.
No more resistance can be traced – regardless of the time unit – and since 16,600 has been crossed, the next objective is around 18,000, or +50% since the floor of 09/29/2022.

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