- DAX below key support zone
- Fashion stocks extend sell-offs
General market situation:
Tuesday's session on European markets brings a continuation of the sell-off in the markets. Very weak sentiment persists in the luxury brand companies sector, which are losing in the face of weaker sentiment in China and negative comments from Morgan Stanley analysts. DE30 futures have broken below the 200-day EMA; the first time since November 2022.
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At the moment, most companies listed in Europe during Tuesday's trading session are down. Companies linked to the luxury goods sector are doing particularly poorly. Source: xStation 5
German DE30-based futures are losing nearly 0.82% intraday and breaking out below the support zone set by the 200-day exponential moving average (gold curve). Source: xStation 5
News:
Shares of Siltronic (WAF.DE) were upgraded by Stifel to a "buy" rating; target price at €111 per share.
The company's shares are gaining nearly 5% today. Source: xStation 5
The Air France-KLM (AF.FR) consortium said it plans to order 50 Airbus A350 long-haul aircraft, along with rights to purchase an additional 40, as part of its largest-ever purchase of wide-body aircraft in connection with plans to modernize its long-haul fleet.
Shares of luxury companies with close ties to the Chinese market, such as LVMH (MC.FR) and Richemont (CFR.CH) are losing 2% and 2.7%, respectively, as concerns about China's troubled real estate sector persist. The sell-offs also appear to be fueled by comments from Morgan Stanley, which advised investors to be cautious about fashion companies.
Source: xStation 5
The largest percentage changes in individual companies in the DAX index. Source: Bloomberg Finance L.P.
Information from individual companies in the DAX index. Source: Bloomberg Finance L.P.
