- European markets mark moderate declines
- Hapag-Lloyd halts Red Sea fleet despite task force activation to protect trade routes
Overall market situation:
Market volatility is at an all-time low in the final days of 2023. The German DAX index is currently losing more than 0.18% and negates the moderate gains seen yesterday. The macro calendar today will focus on data from the US, in particular unemployment benefits and pending home sales. Investors interested in the energy commodities market will learn the latest data on the change in gas and oil inventories in the US.
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European companies listed during Thursday's trading session are mostly losing at the moment. Source: xStation 5
The German benchmark DE40 is losing nearly 0.36% during today's session. It is worth noting that the volume still indicates a lull in market volatility. The benchmark remains in the zone of its historical maxima. Source: xStation 5
News
Bayer (BAYN.DE) shares rose 0.4%, extending gains from yesterday. Investors were referring to a generally positive report in the Frankfurter Allgemeine Zeitung on the company's market position in eye disorders.
According to German regulator BaFin, a subsidiary of the troubled Adler Group (ADJ.DE) "significantly overvalued" past due debts in its 2021 financial statements. Bafin also questioned the high valuation of a real estate project in Düsseldorf and said the company did not say whether the intercompany loan was secured. However, the regulator did not impose fines or order any adjustments.
Hapag-Lloyd (HLAG.DE) said it would keep its fleet out of the Red Sea even after launching a U.S.-led task force to protect the key trade route. Spot rates for container shipping have risen 26% over the past month.
Analyst recommendations:
* Henkel AG & Co. KGaA (HEN3.DE): Analyst firm Bernstein reiterated a "sell" recommendation on the company's shares. The target price remains at €61.
* Beiersdorf (BEI.DE): Analyst firm Bernstein reiterated a "neutral" recommendation on the company's shares. The target price remains at 131 euros.
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