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SNB remarks reassure market in Europe
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Attention focused on ECB decision
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Siemens Energy shares down ahead of Siemens Gamesa takeover process
Thursday's session on European markets brings an improvement in the mood of investors, who only yesterday feared the occurrence of a banking crisis on the Old Continent. The SNB assured that it would support Credit Suisse and other local banks if liquidity problems arose. Despite the initial rallies, the bullish sentiment has faded somewhat and investors are now focusing on the ECB's interest rate decision. The market assumes that the ECB will raise rates by 25 points due to the spectre of a systemic crisis looming in the background. It is worth remembering that until recently, the market was convinced of a 50-point hike.
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Deutsche Boerse (DB1.DE) shares were upgraded to an "outperform" rating by Credit Suisse. Previously, the bank had rated the company as 'neutral' and had forecast a target price for the company's shares of €190. Now the target valuation is €200 per share. The bank expects the increased volatility in the markets and the higher volume of derivative transactions to strengthen earnings in the near term. Deutsche Boerse shares are currently gaining nearly 2.7%.
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Siemens Energy (ENR.DE) is offering nearly €1.3 billion in shares to fully acquire the struggling Siemens Gamesa unit. Intermediaries in the sale of nearly 73 million shares are Citigroup and Societe Generale. ENR shares are currently losing close to 5%.
Changes in institutional holdings in individual companies of the DAX index (data from the last session). Source: Bloomberg
Major percentage changes and information from individual companies in the DAX index. Source: Bloomberg
DE30 chart
Although the sentiment during today's session is much better, DE30 contracts have failed to maintain the bullish momentum and are currently trading with moderate declines. The quotations are still above the support marked by the retracement of 61.8%, which is the most important point of support for the market bulls at the moment. Source: xStation 5
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