The DAX traded lower in European trade as losses continue to mount since last week’s trendline rejection. Get your market update from zvawda here:
On the corporate front, Volkswagen stock rose 1.1% following the news the auto giant is targeting a valuation of up to 75 billion euros for its Porsche IPO. The German carmaker said late Sunday that the deal is going ahead at a time of deep market upheaval with commitments from key investors providing a boost. Qatar Investment Authority, Norway’s sovereign wealth fund, T. Rowe Price and ADQ are set to subscribe to preferred shares of as much as 3.7 billion euros, the manufacturer said.
On the daily timeframe we continued to push down this morning before finding support at the September 5th low around 12590. On an intraday view this level could hold the key with regards to the YTD low , as a close below could open up a retest of the YTD low or a clean break lower and new lower low. This would be keeping with the overall structure on the daily timeframe.
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