Snapshot: The DAX is currently trading at 24020, down 48 points or 0.20% intraday, weighed down by tighter lending conditions and recent ECB surveys suggesting a cautious outlook. The lack of progress in US-Iran negotiations and rising oil prices are adding to the downward pressure. No major data releases are scheduled before the NY open.
- A break below the intraday low of 23898 could open the door to further downside.
- Watch for any unexpected headlines regarding the Iran war or developments in US-Iran negotiations, which could trigger a risk-off move.
Bias into NY: Cautiously bearish. The domestic picture of tightening lending conditions and a relatively flat German yield curve (2s10s at +44bp) suggests limited upside, while the firmer DXY (98.58) adds to headwinds.