The Dax has lost it's upward momentum after having made all time highs on Monday as global equities rose due to Biden's proposed $1.9 trillion stimulus package. However, downside risks remain due to the continued impact of the pandemic on the global economy as US inflation came in at 1.4% vs 1.5% forecast. We await Powell's speech later today for any significant price action and believe prices could challenge long term support around 13,000 in the coming weeks.