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DAX 30 Slides On Soft Chinese Data

DAX 30 Slides On Soft Chinese Data

2016-01-04 09:19:00
Alejandro Zambrano, Market Analyst
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  • The DAX 30 turns bearish to neutral following China Caixin PMI Mfg’s disappointment to investors
  • Further slides could also be on tap over the next few days if today’s U.S. ISM prints lower than the 49 expected (Bloomberg news survey)

The DAX 30 slides below the December 22 low of 10,395. On a daily close below this level it would be fair to expect a further decline to the December 14 low of 10,122. While a close above 10,395 would discourage bearish traders, I think it is too early to expect bullish traders to step in.

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The China CSI 300 slides 7 Percent

A soft China CSI 300 index (sliding 7 percent) is the reason for the current decline in the DAX 30. The softness in the CSI 300 comes about as the China Caixin PMI Mfg. for December printed 48.2 vs. the 48.9 expected. While official China PMI Mfg. was also lower than the projections in a Bloomberg news poll (49.7 vs. the49.8 expected).

The Chinese data is not the only data which has been lower than expected. On Friday, while the DAX was closed for holidays, the Chicago PMI dropped to 42.9 from 48.7 in December. This highlights the softness of the U.S. manufacturing sector and if this continues there will be strong reasons to expect a significant slowdown of the U.S. economy. During these periods, stock markets tend to be both soft and volatile.

With this in mind, the market will keep a very close eye on today’s U.S. ISM Manufacturing and Markit PMI which are nationwide indicators for the manufacturing sector. I expect a soft reading to weigh on the DAX, while a better than expected reading may stave off any bearish sentiment.

DAX 30 / GER30

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Created with Marketscope/Trading Station II; prepared by Alejandro Zambrano

--- Written by Alejandro Zambrano, Market Analyst for DailyFX.com

Contact and follow Alejandro on Twitter: @AlexFX00

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