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Indices in Europe make slight gains at the start of the wee
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German industrial production data surprises sharply lower
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Sentix data falls slower than expected
The market's first trading session of the week brings worse investor sentiment. European benchmarks are mostly losing ground, however, the German DE30 is up nearly 0.3% on the day. The macro calendar for today's session is relatively empty, nevertheless investors may see increased volatility around 01:30-02:30 pm BST, when speeches by two Fed bankers will take place and the opening of the session on Wall Street.
German industrial production data for June was released today at 8:00 a.m. The report was expected to show a 0.4% m/m decline in German industrial production, following a 0.2% m/m decline in May. However, the actual data showed a 1.5% m/m decline in production in June. On an annual basis, production fell by 1.7% y/y, while the market had expected a fall of just 0.2% y/y.
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The mood in Europe weakened markedly during this week's first trading session. Sectors trying to resist downward pressure are now banks, other financials, semiconductors and pharmaceuticals. Source: xStation 5
The quotations of contracts based on the German DE30 remain within a narrow trading range bounded at the top by the psychological level of 16,000 points and at the bottom by the 100-day exponential moving average (purple curve). Source: xStation 5
News
Daimler Truck Holding (DTG.DE) is losing nearly 1.3% during today's session amid news of the death of the company's CFO. The company did not provide details regarding the case and Jochen Goetz's replacement is also unknown.
Company share price chart, D1 interval. Source: xStation 5
UBS downgraded its recommendation on Deutsche Boerse (DB1.DE) shares to "neutral" from its previous "buy" rating. However, the target price has been revised upwards to € 185 (+9% from the previous target price). The company's shares are currently losing nearly 1.27%.
Company share price chart, D1 interval. Source: xStation 5
Siemens Energy (ENR.DE) shares are down nearly 5.5% today, losing on a wave of downwardly revised forecasts of net losses resulting from faulty wind turbines to €4.5 billion against an earlier prediction of €1 billion.
Company share price chart, D1 interval. Source: xStation 5
Berenberg upgraded its recommendation on K+S (SDF.DE) shares to a "buy" rating from its previous "hold" rating. The target price for the company's shares was raised to €22 from the previous €16.7. Analysts perceive that the negative narrative around the company may be slowly coming to an end, and the incoming recovery in demand from the US may reinforce this narrative.
Chart of the company's stock price, D1 interval. Source: xStation 5
Major percentage changes in individual companies of the DAX index. Source: Bloomberg Finance L.P.
Information from individual companies in the DAX index. Source: Bloomberg Finance L.P.
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