DE40: DAX below key resistance zone 📉

• Tuesday's session in Europe marked by declines
• Powell's speech and Lagarde's speech later in the day
• Investors are optimistic about announcements of planned job growth at Siemens Energy 

General market situation:

Tuesday's trading session in Europe brings declines on major stock indexes. Germany's DAX is currently losing 0.94%, France's CAC40 is down 0.77%, and Britain's FTSE 100 is down more than 0.3%. Later in the day, investors' attention will turn to speeches by President Lagarde and Powell of the Fed. Yesterday's gains in the banking sector were largely erased. 

Volatility currently observed in the DAX index. Source: Bloomberg Financial LP

Volatility currently observed in the broad European market. Source: xStation

Germany's benchmark DE40 is down nearly 1.1% in today's session. The index continues to remain in the structure of the downward trend initiated on May 16. The continuation of the downward trend led to the testing of a historically important support level in the zone of the 100-day exponential moving average (purple curve on the chart, all the time it remains a key support point). Locally, the most important resistance all the time remains the zone of the 50-day exponential moving average (blue curve). The DE40 index has currently broken out below this zone. Source: xStation

Interestingly, a test of the zones of the previously mentioned 100-day EMA brought a clear activation on the volume side. This may indicate that we have seen a lot of activation by institutional investors in this zone. Source: xStation 5

News:  

Italian defense and aerospace company Leonardo (LDO.IT) is in advanced talks with Germany's Rheinmetall (RHM.DE) to sign a joint venture to manage the Italian Army's procurement of new tanks and armored vehicles. Potential new orders could amount to some €20 billion.

TUI (TUI.DE) is offering 7.4 million shares through Link Market Services Trustees via Barclays Bank and Deutsche Bank. Proceeds from the sale will be used to compensate those shareholders who did not exchange their British depositary receipts for the travel group's shares in time for the stock exchange changeover as part of the Frankfurt market transition. 

According to the banks, the offering price was €6.30 (a 5.05% discount to the last close). The shares are losing nearly 2.89% today. 

Siemens Energy (ENR.DE) plans to hire more than 10,000 new employees (⅔ by 2030), the Financial Times reports. About 40% of the jobs will be added in Europe, 20% in the US, 20% in India and the rest in Asia and Latin America. The stock is gaining nearly 4% today. 

Other news coming out of individual companies in the DAX index. Source: Bloomberg Financial LP