DAX under pressure as UBS blues drag down banking sector

Jan 22 10:01 2019 Print This Article

The DAX index has edged lower in the Tuesday session. Currently, the index is at 11,097, down 0.35% on the day. In economic news, Germany releases ZEW Consumer Sentiment remains weak, but improved to -15.5 points. This was better than the estimate of -18.8 points. Eurozone ZEW Economic Sentiment ticked higher to -20.9, shy of the forecast of -20.1 points. Germany releases ZEW Consumer Sentiment remains weak, but improved to -15.5 points. This was better than the estimate of -18.8 points. Eurozone ZEW Economic Sentiment ticked higher to -20.9, shy of the forecast of -20.1 points. On Wednesday, the eurozone releases consumer confidence. On Wednesday, the eurozone releases consumer confidence.

Is the DAX rally over? After posting three successive weeks of gains, the DAX is lower this week. On Tuesday, Swiss bank UBS dropped over 4 percent, after releasing weak fourth-quarter earnings. The UBS announcement dampened appetite for banking shares, and Deutsche Bank has declined 3.7 percent on the day. There was more bad news for investors, as the IMF revised downwards its global growth forecast. In October, the IMF projected growth of 3.7% percent, but this has been revised to 3.5 percent. IMF head Christine Lagarde said that the world’s economy continues to expand, but “it is facing significantly higher risks”.

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