DE30: DAX caps early session declines

11:08 AM 24 April 2023
  • Old Continent erases early day declines

  • IFO data in line with expectations

  • Borussia Dortmund gains on the wave of taking the lead in the Bundesliga.

Today's session on European stock exchanges brings a moderate improvement in investor sentiment. The German DAX managed to recover from the morning's declines and is currently trading higher on a daily basis. Investor attention today is focused on macro readings, in particular the IFO and Dallas Fed readings. Credit Suisse (CSGN.CH) presented its results today, and in the US the Coca-Cola Company (KD.US) will do so. 

Ifo data

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The mood in Europe during Monday's trading session is relatively mixed. Source: xStation 5

News:

Pierre Wunsch, a member of the council of the European Central Bank, commented in an interview with the FT that the ECB will keep raising interest rates until wage growth dynamics are in rapid decline. The overall tone of the banker's comments was hawkish. Wunsch said that he would not be surprised if rates exceeded the 4% level, and at the moment there are no signs that the Bank is doing enough to tackle inflation permanently. On the other hand, the ECB's Stournaras communicated that the Bank should not take abrupt decisions towards interest rates in view of the fact that we are already at sufficiently restrictive levels at the moment. 

In addition to earnings reports from US companies, in Europe investors' attention is focused on local earnings releases, of which there will be plenty this week. Today, Credit Suisse (CSGN.CH), which is about to be permanently acquired, presented its quarterly results. What interested the market was above all the value of the assets that were withdrawn from the Bank (47.1 billion francs), which shows that UBS has a tough task ahead of it to bring clients back into the structure of the merged Bank. UBS (UBSG.CH) and Santander (SAN1.ES) will report their results on Tuesday, Barclays (BARC.UK) and Deutsche Bank (DBK.DE) will publish their results on Thursday and NatWest (NWG.UK) on Friday. 

The shares of Borussia Dortmund (BVB.DE) are showing a substantial rally during today's session, rising on the back of a 29th round Bundesliga exit. There are only five matches left in the season. 

Changes in institutional holdings in individual companies of the DAX index (data from the last session). Source: Bloomberg

Largest percentage changes and information from individual DAX index companies. Source: Bloomberg

DE30 chart

Futures based on the German DAX index (DE30) are trading down today, nevertheless the index is trying to negate some of the declines from the beginning of the session. Source: xStation 5  

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