Snapshot: The DAX 40 is trading up 0.83% at 24947, building on yesterday’s gains. ECB commentary from Cipollone and Schnabel yesterday offered little new on policy direction, while the integration of non-financial credit claims into the general collateral framework suggests a gradual shift in operational frameworks. Today’s focus remains on US macro prints ahead of the NY open.
- ECB’s Schnabel interview and Cipollone’s digital money remarks yesterday provided a backdrop of steady policy, with no immediate hawkish surprises.
- Watch for the US 08:30 ET data releases (Core PCE, Personal Income/Spending) as the primary catalyst for cross-asset moves into the NY session.
Bias into NY: The German index is showing resilience, supported by a broader tech uplift seen across global markets. We favour a continuation of the upside bias, targeting 25000, provided US data does not derail the risk-on sentiment.