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DE30 gains at start of week
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Disturbing Ifo data
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Jefferies positive on Merck KGaA shares (MRK.DE)
Market sentiment during this week's first trading session on European trading floors is relatively positive. The German DE30 is gaining 0.45%, the French FRA40 is up 0.5%, and the Polish W20 is losing 0.1%.
Although today's session is not rich in the publication of important macro data, the situation became more interesting after the publication of data from the German Ifo index. The index falls at 88.6 points against expectations of 90.1 and the previous level of 92.3 points. Both expectations and assessment of the current situation are falling. The institute points to the dire situation in the service sector and excessively high energy prices, which could bring the German economy toward recession. However, Ifo reports that if gas continues to flow to Germany, we will not have a recession.
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The strong deterioration in Germany's economic climate reinforces the specter of recession. Source: ifo Institute
DE30 index chart, H4 interval. The technical situation of the Dax has not fundamentally changed since the last analysis. The benchmark of the German blue chips continues to defend above the supports set by the upper limit of the downtrend and is currently breaking out above the 200-period exponential moving average. We can now consider the local peak at 13,450 points as local support. Source: xStation 5
News:
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The shares of biotech company Merck KGaA (MRK.DE) are gaining more than 1.5% today following a "buy" recommendation from Jefferies. The target price was set at €205 per share. It noted undervaluation in the Healthcare division and a good outlook for the Life Sciences unit.
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Deutsche Boerse (DB1.DE) will publish its financial results for the second quarter of 2022 tomorrow. EBITDA is forecast at €561.9 million and net income at €979.6 million. DB1.DE shares are currently gaining more than 1.2%.
The largest percentage changes of companies included in the DAX index. Source: Bloomberg
The most active stocks in the DAX index (DE30). Source: Bloomberg
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