Snapshot: The DAX is down 0.99% at 24891, pressured by a global tech selloff and awaiting today’s Eurozone PMI data. Christine Lagarde’s recent parliamentary hearing offers little immediate direction, but the upcoming German and French manufacturing and services PMIs will be key to gauging domestic economic momentum.
- The German Manufacturing PMI, forecast at 50.3 (vs. 49.9 prev), is critical for assessing the industrial heartland’s recovery.
- Watch for any spillover from US tech weakness into the European session, particularly impacting semiconductor and software names.
Bias into NY: The bias is to the downside, with the DAX facing headwinds from global risk aversion and a cooling tech sector. A print below 50.0 for German manufacturing would reinforce this view, potentially pushing the index towards yesterday’s lows.