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Dax holds in weekly consolidation zone
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Canadian labor market data at 13:30 BST
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HSBC recommendation plunges Shop Apotheke shares
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Chemical sector under pressure from Croda International warning
This week's last trading session on European markets brings mixed investor sentiment. The stock indices cannot find a common direction, nevertheless the general trend shows a slightly greater predominance of declines. The macro calendar for today's session does not contain any data of high importance for the broad market, however, a report from the Canadian labor market at 1.30 p.m. BST today may provide us with clues as to the state of the global economy. Investors' attention is however focused today on individual headlines from specific listed companies.
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Open account Try demo Download mobile app Download mobile appThe mood in Europe during Friday's trading session is predominantly negative. On the other hand, there are also a few sectors that are doing much better. These include the automotive (through Tesla's strong ADR growth in the face of lower Tesla Model 3 prices and the collaboration with General Motors) and semiconductor sectors. Source: xStation 5
German DE30 contract quotes do not show excessive volatility relative to the movements seen over the past week. The benchmark maintains trading in a consolidation structure, the lower limit of which remains the EMA 50 (blue curve) and the upper barrier is the weekly peaks located near the level of 16,150 points. Source: xStation5
News:
The shares of Shop Apotheke (SAE.DE) are experiencing massive declines today, down more than 11% at this point. British bank HSBC has downgraded its recommendation on the company's shares from "hold" to "reduce" and lowered its target price for the company's shares to €55 per share, against a previous price set at €72. As the bank's analysts added, Shop Apotheke's valuation is now too optimistic compared to the company's competitor DocMorris.
The shares of Shop Apotheke (SAE.DE) are currently experiencing their biggest declines in four months. Source: xStation5
Gloomy sentiment also prevailed in the European chemicals sector, where UK giant, Croda International (CRDA.UK) issued an earnings warning (pre-tax profit for the year is expected to come in below previous forecasts), sending the company 12.5% lower on the day. In response to the uncertain industry sentiment, the entire chemical sector in Europe is down today.
Source: xStation 5
The BASF (BAS.DE) shares are also recording declines today in the face of the negative sentiment triggered by Croda's warning. For the moment, the shares are trading in a medium-term downtrend, with the price currently oscillating below the resistance set by the exponential moving averages. D1 interval. Source: xStation 5
Changes in institutional holdings in individual companies of the DAX index (last session's data). Source: Bloomberg
Major percentage changes and information from individual companies in the DAX index. Source: Bloomberg
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