DAX is having a heavy day today. Renewed DBK “fears” as well as a not overly happy BASF.
BASF warned on the US/China trade situation and sees a “challenging season” for itself as well as others, especially the auto sector.
This is not a good signal for the hammered European autos space, one of the most China sensitive “spill over risks”.
Note the big candle down in Daimler as one example.
As if it was not enough with the giant industrials name, DBK adds to the sour sentiment in DAX today.
The ex-giant bank is struggling today again, off the lows, but still trading horribly bad. The past week´s big gains are wiped out in 24 hours.
There is a level at 6.5 to watch.
DAX is breaking below the trend line that has been in place since late May. Watch the close today and if 12 400 holds or not.
The next big support is at 12 200.