- Germany and Poland to introduce controls at their borders - Politico
- Volkswagen sees a decline in demand for EVs
Overall market situation:
Stock market sentiment during Wednesday's session in Europe is relatively mixed. The beginning of the session brought clear rallies in stock market indices, which, however, relatively quickly began to wipe out the early gains. Investors' attention is primarily focused today on US retail sales readings. Moreover, investors are increasingly concerned about a more permanent economic slowdown on the Old Continent, which today also seemed to be confirmed by reports for Germany, which indicated that this economy will contract by 0.6% in 2023.
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At the moment, most of the companies listed in Europe during Wednesday's trading session are posting gains. However, it is worth noting that the percentage of companies gaining has decreased since the start of the session. Source: xStation 5
Futures contracts based on the German DAX are gaining slightly on an intraday basis, nevertheless, most of these increases have already been erased. Source: xStation 5
News:
Volkswagen (VOW1.DE) is scaling back production of electric cars at German factories due to falling demand for EVs. The cars in question are primarily the ID.3 and Cupra Born, produced at plants in Zwickau and Dresden, Germany. The company's shares are losing more than 1.8% today.
Source: xStation
Five economic institutes predict that Germany's gross domestic product will shrink by 0.6% in 2023, In 2024, however, GDP is expected to grow by 1.3% and inflation will reach 2.6% y/y.
Germany and Poland will introduce checkpoints at their borders to control the flow of migrants, according to news agencies.
Powerful rallies on the German stock market today are being recorded by Deutsche Bank (DBK.DE) shares, which are also leading the gains in the DAX index. At this point, however, it seems that the scale of these moves has not been triggered by a specific factor.
HSBC downgraded its recommendation on TAG Immobilien (TEG.DE) shares to a "hold" rating. The target price was set at €11.
Information from individual companies in the DAX index. Source: Bloomberg Finance L.P.
