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DE30 holds above monthly beaten downtrend line
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Markets await ECB decision
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Mario Draghi resigns as PM, Gazprom resumes gas supplies
Market sentiment has been mixed during today's session. The German DE30 is currently down 0.4%, the French FRA40 is up 0.34% and the Polish W20 is down 1.05%.
Today's session is full of big events in Europe. Russian gas deliveries via Nord Stream 1 have resumed, uniformly at 40% capacity. Despite the resolution of some concerns, the situation remains tense, as Klaus Müller, chairman of the German Federal Network Agency, confirmed. Secondly, investors are estimating the impact of Mario Draghi's resignation as Italian Prime Minister. The key event today, however, is the ECB's decision on interest rates. Economists are divided on whether the ECB will hike by 25 or 50 basis points, so there is the possibility of a surprise. In addition, the ECB is likely to give some details on how it is trying to prevent fragmentation of eurozone bond markets.
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DE30 index chart, H4 interval. The benchmark of German blue chips has defended itself above the support set by the upper limit of the downtrend and is currently oscillating in the region of the 200-period exponential moving average. We can now consider the high from yesterday at 13,430 points as local support. Source: xStation 5
News:
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SAP (SAP.DE) continues to struggle with business profitability. The company experienced a sizable drop in revenue in the second quarter and lowered its operating profit forecast for 2022. The main reason is, among other things, weak license sales. Nevertheless, the company is looking to buy back 500 million euros worth of its own shares. The company's shares are trading down nearly 4% today.
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The pharmaceutical company Sartorius (SRT.DE) boasted good results. The company's revenues rose 27% YoY in the first half of the year. The company reaffirmed its forecasts for the full year 2022. Sartorius shares are currently gaining nearly 5.5%.
Analyst's action:
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KBW raised its recommendation on the shares of RWE (RWE.DE) to "outperfom." Target price set at €41.
The largest percentage changes in the companies included in the DAX index. Source: Bloomberg
The most active stocks in the DAX index (DE30). Source: Bloomberg
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