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DAX breaks below zone of local peaks
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Lufthansa interested in a stake in ITA Airways
Thursday's trading session on markets from the Old Continent brings weaker investor sentiment. The German DAX is recording declines today and is breaking out below the consolidation zone near local peaks and close to the resistance set by the 78.6% Fibo retracement. The calendar of macro readings for today's session is filled with interesting publications
The ECB minutes will be published in the afternoon (12:30 am GMT), so the EUR may see some volatility during these hours. Data from the U.S. housing market, unemployment benefits and the Philly Fed index will be published at 1:30 p.m. GMT and may trigger some market movements. Note that weaker-than-expected retail sales and PPI data triggered a significant sell-off on Wall Street yesterday. Energy investors will look forward to data on natural gas storage (3:30 pm GMT) and oil inventories (4 pm GMT). The API report released yesterday indicated a significant increase in oil inventories and investors will be looking for confirmation of this today. Finally, Netflix is scheduled to report Q4 2022 results today after the close of trading on Wall Street!
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Investor sentiment on the Old Continent is negative. The majority of companies are currently trading with sharp declines. Source: xStation 5
Company news and bank recommendations:
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Symrise (SY1.DE) shares are trading down today following BofA's downgrade of its recommendation for the company's shares to "neutral." The bank sees a threat of declining sales and margins.
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Lufthansa (LHA.DE) announced that it is considering acquiring a minority stake in ITA Airways to support sector consolidation in Europe and become an even more important player in the airline market. The company did not disclose details of the potential transaction, but unconfirmed sources said it could be for up to 40% of ITA's shares. Lufthansa representatives have already presented their offer to the Italian Ministry of Economy and Finance in Rome.
Source: Bloomberg
The most active stocks of the DAX index (DE30). Source: Bloomberg
DE30 chart:
DE30 futures are trading lower today. At the moment, the quotes are breaking out below the consolidation zone close to local peaks and close to the resistance set by the 78.6% Fibo retracement. Source: xStation 5
