FxNews—The DAX index dropped by 0.9% to 19,480 this Monday, showing cautious behavior in European markets. Investors are waiting for important company earnings reports and closely watching the increasing tensions in the Middle East.
As of this writing, DAX trades at approximately 19,490, testing the September 27 high. The DAX 4-hour chart below demonstrates the price, support, and resistance levels.
SAP Shares Dip 0.9% Ahead of Q3 Earnings
Germany’s large software company, SAP, saw its shares fall by 0.9% as it approached its third-quarter earnings release. Traders are particularly keen to see SAP’s results after a recent poor performance report from ASML, which affected technology stocks last week.
Munich RE’s shares fell by about 3% following Jefferies’ downgrade from ‘buy’ to ‘hold.’ This downgrade influenced the stock’s decline.
Other big firms, such as Siemens, Deutsche Telekom, Allianz, and Airbus, also saw their stocks decline. Losses varied between 0.3% and 1.3%, reflecting a broader market hesitancy.