DAX boosted by German industrial dominance. Bitcoin breaks out!

by | Oct 9, 2017

Early briefing: DAX higher, BTC breaks out, Spanish equities stage small recovery.

European indices are mixed today but generally look to be moving upward, led by Germany’s DAX30, which sits just shy of 13,000 points having touched 12,994 earlier. The boost to prices came from new data showing industrial production in Germany blazed to its best month in six years in August. On a year-on-year comparison, industrial production is 4.7% higher, which will please investors in German equities. 

In Spain, stocks which were hammered last week during the Catalonian independence crisis are looking healthier, after 350,000 people took to the streets of Barcelona yesterday to protest against Catalonia breaking away from Spain. Bank stocks across the IBEX index including CaixaBank, Acciona and Bankia are starting to move higher. If you are considering investing in these equities, be warned that more political turmoil is likely to come which could hit prices.

Chinese markets are back open now that the public ‘Golden Week’ holiday is over. A new Caixin PMI reading for the service sector fell to 50.6 in September, showing the slowest pace of growth in 21 months, however equities rose in Shanghai as traders returned to work. Indices in Japan, South Korea and Taiwan were all shut for national holidays this Monday. Crude oil prices stay firmly above $55 a barrel this morning, despite a $2 fall late last week on more concerns about oil overproduction in the USA.

In the crypto-world, Bitcoin rallied strongly over the weekend, rising rapidly above $4630, its highest point in well over 4 weeks after a totally lacklustre month of trading, complete with government crackdowns on ICO’s and criticism from one of the worlds most eminent bankers. The boost to the price got investors excited, with many predicting a price rise to $5000 or above in the near future. There was a small price correction this morning, so Bitcoin is currently trading at roughly $4,570.

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ALL RIGHTS RESERVED © INVSTR LTD. 2017

Risk Disclosure:
Invstr is a technology platform, not a registered broker-dealer or investment adviser. Invstr does not offer its own recommendations of any security or provide its own research to any user regarding any security transaction or order.
Please note, investing involves risk and investments may lose value. Past performance does not guarantee future results.
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