The stock market day
“The markets continue to be torn”
06/27/2023 8:26 am
Traders have no clear idea of the current market direction. indices like that DAX While they are working to exit their 1-week+ sideways downtrends, there is no real conviction or momentum behind them. “The markets are still torn between economic worries and hopes of a rate hike,” commented one trader. However, clear indications of the impact on corporate profits are only likely to become apparent with the forthcoming reporting season.
Concerns about inflation and interest rate hikes seemed to be gaining the upper hand again, as the previous night’s price decline in US technology stocks shows. In addition, consumer prices have risen again in Japan. Statements from the central bankers’ meeting in Portugal would therefore be somewhat in focus on Tuesday. Important economic indicators are published in the USA, such as consumer confidence and, above all, new home sales. Despite US interest rates for real estate loans of 6.80 percent, there has recently been an increase in mortgage applications, so that the potential for surprises is high. Add to that US durable goods orders. In Europe, on the other hand, there are hardly any important dates.