Tuesday's trading session in Europe brings a deterioration in investor sentiment. The World Bank and IMF are concerned about a global recession, with inflation forecasts in Germany already estimated at 7% in 2023. Although today's macro calendar is relatively poor, investors' attention is shifting to comments from central bankers and tomorrow's FOMC minutes.
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Open account Try demo Download mobile app Download mobile appThe swap market is currently pricing in a near 82% chance of a 75bp rate hike at the ECB's October meeting. Source: Bloomberg
DE30 index chart, D1 interval. The benchmark of German blue chips is trading down today and descending towards yesterday's lows. Source: xStation 5
Tuesday's session on the German market brings lower valuations for most sectors of the economy. Source: Bloomberg
News:
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The IPO of Porsche AG (P911.DE) was already two weeks old. Issued at €82.50, the stock has developed very satisfactorily since then, but this is partly due to purchases backed by syndicated banks. This form of support will cease to exist, as the banks ended their purchases today in connection with the successful IPO. The company's shares are trading down more than 3.5% today.
Bank recommendations:
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Evonik Industries (EVK.DE) downgraded to "Equal-Weight" by Morgan Stanley; target price at 25 euros.
Changes in institutions' holdings in individual companies of the DAX index (data from the last session). Source: Bloomberg
The largest percentage changes in the companies included in the DAX index. Source: Bloomberg
The most active stocks of the DAX index (DE30). Source: Bloomberg
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