DE30: DAX still above the 15,000 point barrier

11:25 AM 28 March 2023
  • Investors from Europe in mixed sentiment

  • Attention focused on CB sentiment reading from the US

  • Zalando boosted by HSBC analysts

Tuesday's trading session on European markets brings mixed investor sentiment. The main Western European trading floors are recording moderate declines, with the French market the worst performer. Things are much better on the Polish stock market, where the W20 index is up by nearly 1%. As for the macro calendar for today's session, investors' attention will focus primarily on the Hungarian interest rate decision, Nagel's speech from the Bundesbank, Lagarde's speech and the US CB data reading.

The mood in Europe during Tuesday's trading session is relatively mixed. All the while, the rebound continues in the major banking sector. Source: xStation 5

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

Zalando (ZAL.DE) shares were boosted by HSBC's upgraded recommendation despite moderate declines. The bank rated the company's shares as a "buy", from an earlier "hold" rating, and slightly raised the target price from €43 to €45. HSBC commented that the momentum around the company is moving in the right direction. The analysts added that the medium-term margin forecast remains unchanged and looks achievable, helped by improved realization.

The shares of German company Norma (NOEJ.DE) are losing more than 8 per cent today due to Baader's conservative views towards projected margins for the 2023 financial year. The ongoing burden of business restructuring efforts is seen as the main reason for issuing mixed views on the company.

Source: Bloomberg

Major percentage changes and news from individual companies in the DAX index. Source: Bloomberg

DE30 chart

The mood in the German equity market is relatively mixed during Tuesday's trading session. The DE30 index is recording moderate declines, but nevertheless not going below the psychological support at 15,000 points. This limit is further reinforced by the 50-day exponential moving average. Source: xStation 5 

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