Daily Analysis DAX40 - 15 Aug 2023

European stocks experienced a slight decline on Tuesday, driven by a drop in real estate shares due to increasing bond yields. However, this decrease was balanced by gains in the retail sector, particularly driven by Marks & Spencer from the UK, which raised its profit expectations.

The real estate sector (.SX86P), often influenced by bonds, saw a nearly 1% decline during early trading. Bond yields across Europe surged, notably with UK gilts (GB10YT=RR), reacting to data showing a substantial growth rate in basic wages in Britain, reaching a new record.

 In positive news, British retailer Marks & Spencer (MKS) experienced an 8.4% increase, propelling it to the top of the STOXX 600 index, thanks to its improved profit outlook. Additionally, the broader retail index (.SXRP) saw a gain of 0.7%. Danish jewelry maker Pandora (PNDORA) also performed well, rising by 3.5% as it raised its full-year revenue outlook following second-quarter sales that exceeded analyst forecasts.

DAX is rebounding from the 15800-support level and is now facing the next challenge at the 16000 short-term resistance level. The long bullish trend is evident, but it is currently forming reversal patterns as the price range in the last 3 months indicates weakness in the current trend.

Resi Level 3	Resi Level 2	Resi Level 1	Suppo level 1	Suppo level 2	Suppo level 3
16600	16400	16200	15650	15400	15200