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Global Stock Market Review
DAX 30 Index
Wed, 22 Feb 2012 20:46:05 GMT
Source: Dukascopy Bank
© Dukascopy Bank
German DAX index extended losses on Wednesday as investors kept worrying Greece may struggle to implement tough austerity measures. Moreover, Euro Zone PMI dropped to 49.7 instead of expected increase to 50.8 and Fitch cut Greece sovereign rating to C. Deutsche Luft and Commerzbank put the main downward pressure on the index edging down 2.2% and 1.7%. At the moment of writing DAX index is 0.57% or 40.30 points down at 6,867.76.
German DAX index remained closely interdependent with Stoxx Europe 600 index with coefficient averaging at 0.94 whereas its link with silver (XAG) weakened further to 0.16. There was not detected a relationship between German benchmark and EUR/GBP currency pair. The correlation with Brent oil (CO) was little changed at 0.43.
© Dukascopy Bank
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