3 Feb 2015
DAX jumps to record highs on Greece debt-deal
FXStreet (Mumbai) - Germany’s benchmark index, the DAX opened slightly higher, and stormed its way to record fresh all-time highs as fears over Greece faded out as the country unveiled a plan to swap its debt.
Currently, the DAX 30 traded at 10936.80 levels, up 1%, retreating from record highs posted at 10986.30 levels. The DAX rallied Greece's Finance Minister Varoufakis presented plans to swap outstanding debt for new growth-linked bonds, running a permanent budget surplus and targeting wealthy tax-evaders, which calmed fears over possible Greek default.
The index is seen trading with a positive market breadth with an advance decline ratio of 25:5. Among major gainers, ThyssenKrupp AG leads the index gaining 4.06%, followed by BMW AG which rose 2.96% and Daimler AG also up 2.90%. On the losing end, Deutsche RWE AG, E.ON SE and Deutsche Lufthansa AG are down -0.58% to -5.09%.
DAX Technical Levels
The index has an immediate resistance at 10986.30. Meanwhile, support is seen at 10770 levels and 10650 levels.
Currently, the DAX 30 traded at 10936.80 levels, up 1%, retreating from record highs posted at 10986.30 levels. The DAX rallied Greece's Finance Minister Varoufakis presented plans to swap outstanding debt for new growth-linked bonds, running a permanent budget surplus and targeting wealthy tax-evaders, which calmed fears over possible Greek default.
The index is seen trading with a positive market breadth with an advance decline ratio of 25:5. Among major gainers, ThyssenKrupp AG leads the index gaining 4.06%, followed by BMW AG which rose 2.96% and Daimler AG also up 2.90%. On the losing end, Deutsche RWE AG, E.ON SE and Deutsche Lufthansa AG are down -0.58% to -5.09%.
DAX Technical Levels
The index has an immediate resistance at 10986.30. Meanwhile, support is seen at 10770 levels and 10650 levels.