- DE30 breaks above 200-day EMA
- Delivery Hero shares gain after earnings release
- Citi raises recommendation for Continental shares
General market situation:
Tuesday's session on European markets brings mixed sentiment among investors, who are awaiting the publication of an important CPI report from the US. In Germany itself, attention turned to the results of individual companies and ZEW data, which indicated a rebound in the economy. The Center for European Economic Research (ZEW) notes that economic expectations are higher, especially in the German industrial sector, which is now viewed with a markedly more optimistic outlook.
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At the moment, companies listed in Europe during Tuesday's trading session are trading in mixed sentiment. Source: xStation 5
Futures based on the German DE30 are trading nearly 0.45% higher intraday. The benchmark has broken above the barrier set by the 50-day and 200-day exponential moving averages (blue and gold curves, respectively) and is now testing the zone bounded by the 100-day exponential average (purple curve) and the 23.6% Fibo elimination of the upward wave initiated in October 2022. Source: xStation 5
News:
Shares of RWE (RWE.DE) are gaining more than 2.56% in today's session following the release of better-than-expected earnings. Analysts at RBC indicated that the company is already at the lower end of full-year forecasts for adjusted net income.
Selected results of the report and future forecasts. Source: Bloomberg Finance LP
Chart of the company's shares. Source: xStation
Emirates airline CEO Tim Clark dashed Airbus SE's (AIR.DE) hopes of winning a major order at the Dubai Air Show, saying it would not buy any more of their flagship A350-1000 aircraft until engine performance problems were fixed. The company's shares erased early losses, however, and are currently gaining 0.4%.
Better results from Delivery Hero (DHER.DE) lift the company's shares by more than 4.78% intraday. Bank analysts are praising the progress in profitability in particular and expect GMV to rise to the upper end of the 5-7% range.
Detailed company results and key comments following the results. Source: Bloomberg Finance LP
Analyst recommendations:
* Continental (CON.DE): The company's shares are gaining more than 3.9% following a raised recommendation on the company's shares from Citi. The new rating is "buy" with a target price of €87. Analysts report that gains from technology transitions between product lines will benefit the company, and that margins in the automotive business will grow.
* Bayer (BAYN.DE): Bayer faces another challenging year in 2024, Deutsche Bank writes in a note, lowering its recommendation on the German pharmaceutical company to hold. Target price at €45 per share.
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