ECB rhetoric, DAX resistance

The latest hawkish comments from some ECB governors are keeping a lid on the DAX, despite some decent corporate earnings this week. We're seeing real struggle around the 16,000 mark. It feels like the market is digesting a higher-for-longer narrative, at least for core inflation.

My watchlist is reflecting this; less interested in cyclicals for now. Looking for defensives that can maintain margins even with tighter credit, or companies with strong export exposure outside the Eurozone. Still watching $HKD at 1.77, that move is interesting but not directly tied to my Euro plays.