DAXEUR

Lagarde warned that the proposed 25% U.S. tariffs on European imports could reduce growth in the eurozone by 0.3 percentage points in the first year. Retaliatory tariffs could deepen this effect by up to 0.5 points. Europe announced that it has postponed retaliatory measures against U.S. tax tariffs, and this uncertainty negatively impacted the Dax40 index.

The Dax40 is trading within a range supported by the indicators we are monitoring in the short term. As long as it continues to price between the levels of 23351 and 23146, the decision-making phase scenario remains valid. Sustained movements above the 23351 level are necessary for strengthening positive expectations. In potential recoveries, levels of 23497 and 23720 may come into focus, while maintaining a position below 23146 is crucial for negative scenarios.