The DAX opened at 16,082.75 points, down 0.18 percent and is now hovering around the zero line.
The TecDAX at the start of trading at 3,169.07 points, it was only slightly below its previous day’s close (-0.04 percent), but is now giving way more clearly.
Weak guidelines from the USA and Asia are also depressing the mood of German investors in the middle of the week. The semi-annual speech by Fed Chair Jerome Powell to the Finance Committee of the US House of Representatives is particularly in focus. The market will, as usual, point to the future monetary policy since it is currently unclear whether the Fed will raise interest rates again this year.
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The EURO STOXX 50 lost 0.08 percent to 4,339.47 points at the opening and is now trading at its previous day’s close.
Investors are likely to be looking forward to Fed Chair Jerome Powell’s speech to the US Congressional Committee on Wednesday. The main focus should be on whether his tone will be a little less restrictive than last time.
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The Dow Jones index ended the day down 0.72 percent at 34,053.87 points.
The tech-heavy one NASDAQ Composite it also closed 0.16 percent lower at 13,667.29 points.
US investors held back after the long weekend. There was slight disappointment that China failed to adopt a stimulus package to support the flagging economy. Such support had previously been assumed on the market. However, the Chinese central bank lowered its reference interest rate for bank loans (Loan Prime Rate – LPR) to companies and households by 10 basis points. However, a clear reduction was also expected here. Concerns were now rampant that the flagging Chinese economy could impact the global economy.
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The main Asian indices are not finding a common direction in the middle of the week.
The leading Japanese index Nikkei ended its trading day at 33,575.14 points, up 0.56 percent.
In mainland China, the Shanghai Composite on the other hand, it was 1.31 percent weaker at 3,197.90 units. Losses can also be seen in Hong Kong: The hang seng gives way around 9:25 a.m. by 1.94 percent to 19,226 points.
In addition to weak guidance from the US stock exchanges, growing disappointment over the absence of a stimulus package in China is causing investor sentiment to deteriorate. The interest rate cut made by the PBoC is not enough, according to the market. According to the Dow Jones Newswire, traders criticize that it is not enough to revive the sluggish economy.
Investors are also positioning themselves cautiously ahead of today’s semi-annual congressional hearing of US Federal Reserve Chairman Jerome Powell.
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