DAX rally continues as Trump suspends auto tariffs

May 16 11:05 2019 Print This Article

The DAX started the week with sharp losses, but has rallied and is on its way to a third straight winning session. Currently, the DAX is at 12,189, up 0.74%. In economic news, there are no major German or eurozone events. The eurozone trade surplus narrowed to EUR 17.9 billion in March, down from 19.5 billion a month earlier. On Wednesday, the eurozone releases consumer spending reports.

Global equity markets continue to show strong movement, in response to breaking developments in the global trade war. The DAX plunged 1.5% on Monday, as China retaliated against the U.S. and slapped tariffs on $60 billion in U.S. products. However, the blue-chip DAX has been quick to recover, jumping 2.7% since Monday. Investors have regained risk appetite, as the trade talks between the U.S. and China have not been derailed, even with the latest tariff tussle. Investors had been worried that Trump might target European and Japanese vehicles with new tariffs, and this had triggered sharp losses for German automakers listed on the DAX, including BMW, Daimler and Volkswagen. There was relief on Thursday, after President Trump announced a 6-month delay on any car tariffs.

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