Indices in Europe are experiencing a mixed session. The cash market session on the Old Continent opened in positive territory. Currently, the gains have been slightly reduced but are still maintaining a modest profit. The DE40 index is up 0.25%, while the French FRA40 is trading flat, similar to the UK100 in the United Kingdom.
Today, not much is happening in the global markets. Volatility is limited, and investors are waiting for the second key macroeconomic report of the week, which is U.S. retail sales later Today. The July retail sales report could be one of the most important reports for the Fed, as the central bank is looking for signs of where the economy is headed in the second half of the year. Subsequent inflation data confirms decreasing inflationary pressure, which is shifting the Fed's attention towards the labor market and the condition of consumers in the U.S.
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The DAX is up 0.25% today and is testing the 18,000-point level. This is a key zone that recently served as support for bulls within the consolidation channel. This level also coincides with the 61.8% Fibonacci retracement of the recent downward movement. Therefore, a sustained breakthrough would negate the recent declines. If bulls manage to climb above this level, the next noteworthy area is around 18,400 points. Otherwise, the nearest support is the 200-session SMA around 17,650 points.
Source: xStation 5
Company News
HelloFresh (HFG.DE) is up 5% to EUR 6.60 and is one of the top-performing stocks today. HelloFresh clearly stands out among other companies in the MDAX index. The shares are currently at the same level as in April.
Adyen (ADYEN.NL) is up 6.70% after reporting results for the first half of 2024. The company's results exceeded analysts' estimates in both revenue and customer growth. Furthermore, the payment gateway provider also announced expansion into India. The company stated that this follows the Reserve Bank of India granting permission to operate as an online payment aggregator in India for both domestic and cross-border payments.
First-half 2024 highlights:
- Net revenue: EUR 913.4 million, up 24% year-on-year.
- Processed volumes: EUR 619.5 billion, up 45% year-on-year.
- Point-of-sale volumes amounted to EUR 95.6 billion, representing 15% of total processed volumes.
- EBITDA: EUR 423.1 million in H1 2024, up 32% from EUR 320.0 million in H1 2023.
