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DE30 approaches 13,000 points level
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Gas crisis spoils mood on German trading floor
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Lufthansa suspends flights due to strikes
Market mood during today's trading session on European trading floors is relatively negative. The German DE30 loses 0.93%, the French FRA40 loses 0.36% and the Polish W20 loses 1.32%.
The relief after the resumption of gas flow through Nord Stream 1 did not last long, and yesterday's announcement of further problems with the turbine and the reduction of transmission to 20% of capacity once again spooked the market. Let's remember that if the current situation continues (20% of throughput), supplies may not last all winter. The situation remains tense and any updates on European gas could cause high volatility in the market. Today, EU countries began the decision-making procedure for a voluntary 15% reduction in domestic gas consumption from August 1, 2022 to March 31, 2023.
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DE30 index chart, H4 interval. The blue-chip benchmark is seeing declines today and breaking out below the 200-period exponential moving average (golden curve). From a technical point of view, the closest supports are the EMA 100 (purple curve) and the EMA 50 (blue curve). The psychological level of 13,000 points is also an important point. The most important resistance invariably remains the 13,450-point zone.
News:
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STRATEC Biomedical (SBS.DE) shares are losing nearly 15% in today's session following the release of weak preliminary results for the first half of 2022. Sales levels are down 11.9% year-on-year to €137.2 million. Exact figures for the first half of the year will be reported on August 10. The company's performance continues to be weighed down by supply chain problems and high costs.
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Lufthansa (LHA.DE) will suspend most flights from Munich and Frankfurt on Wednesday due to labor strikes. In Frankfurt, the company will cancel nearly 678 flights, 32 of them already today. As Michael Niggemann, a member of Lufthansa's Executive Board, has communicated, the current wage strikes are causing great damage. Delays and cancellations could also stretch into Thursday and Friday.
Analyst's action:
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HeidelbergCement (HEI.DE) was downgraded to "neutral" by Exane. Target price set at €56.5.
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Credit Suisse maintained an "outperform" recommendation on HelloFresh (HFG.DE), but the target price was reduced from €84 to €54.
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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