Dax remains in an overall downtrend
The German Dax index recovered along with global equities following the recent bout of volatility, but a look at the charts reveals that it remains in a longer-term downtrend.
Head of Equity Strategy
Glencore shares are down 3% following declines of almost 6% as the UK Serious Fraud Office is investigating potential bribery in Congo dealings. The investigation is a short-term negative factor for the stock but it does not change the overall strategic position of Glencore, which is well suited to take advantage of the expanding EV market as Glencore has exposure to cobalt, copper and nickel.
Before today’s event the stock had a negative rating in our equity model driven by weak technical factors relative to the metals & mining industry.