DAXEUR

The German DAX index rose by 1.2% to reach the level of 19,230 following the FOMC minutes. The index provided a technical rebound after the sharp sell-offs in previous days. Although the signals in the minutes that the Fed may be more cautious than expected regarding interest rate cuts have increased global growth concerns, potential interest rate cuts by the European Central Bank (ECB) are supporting European stocks. The 19,000 level is critical support, while 19,500 is being monitored as short-term resistance. The deepening US-China trade war continues to pose risks for German exporters and the automotive sector.