A wave of optimism is driving European indices, with stock exchanges across the continent opening with gains. These increases are fueled by a change in sentiment and positive comments from investment banks. The negative reaction to NVIDIA's results does not seem to exert pressure on Europe. FRA40 is up by 1%, EU50 by 0.6%, and DE40 is up by 0.5% during opening hours.
In the later stages of the session, the market begins to lack the momentum for further gains. Many indices are pulling back. FRA40 remains in positive territory.
The semiconductor and AI giant, Nvidia, has published its results. Despite exceeding quite high expectations, investors do not seem satisfied with the results, and the company's shares are down by 2% before the market opens. However, the European market does not seem to be concerned with sentiment from across the ocean.
Analysts from Goldman Sachs and Citi are positively inclined towards European stock markets. They claim that potential risks arising from France's political crisis are already priced in. European stocks themselves are said to be heavily undervalued and are expected to have a very good period ahead.
Banque Populaire Caisse d'Épargne has introduced defense industry bonds to its offering. This effort aims to recapitalize the strategic European industry for its expansion and meet investor demand for related instruments. The first issuance amounts to over 500 million euros.
Macroeconomic data:
The European Commission has published a series of macroeconomic data today, aimed at presenting the condition of the European consumer and business. The data aligns with market expectations.
- Business Climate Indicator: -0.72 (Previous: -0.72, Revision: -0.71)
- Eurozone Consumer Confidence: -15.5 (Expectations: -15.5, Previous: -14.7)
In the afternoon, investors will be able to review the ECB's meeting report regarding further monetary policy. The market expects the ECB to maintain its current course.
Car production in the UK is rising for another consecutive month. The Society of Motor Manufacturers and Traders publishes the data. The market reaction is mixed.
- Car Manufacturing: Increase of 5.6% to 69,127 units.
- Total vehicle production increased by 10.8% to 72,006 units.
- An increase in light vehicle production is expected in 2026 by 6.4%.
DE40 (D1)
Source: Xstation
On the chart, the price is defending support around the 24,000-point level against further declines. If the price fails to return above the upper boundary of the support zone soon, it may become another resistance along with the EMA50 average. If this happens, a consolidation between the levels of 24,000 and the next support on the medium-term trend line and EMA100 may occur. However, if the market manages to achieve growth, the first resistance will be the convergence of the short-term downtrend and the medium-term uptrend (red), just above which will be a strong resistance marked by the last ATH.
Company News:
Tesla (TSLA.DE) - The company reported devastating declines in sales in Europe. Year-over-year sales fell by 40%. The company's European market share dropped from 1.4% to 0.8%. These declines are driven by a consumer boycott provoked by close cooperation between Elon Musk and the US President, as well as growing competition from China's BYD. Tesla's stock price listed on the German exchange is down by 1%.
Growth in European automotive companies - Tesla's failure, changing sentiment, and positive data are driving growth among European car manufacturers.
- Aston Martin (AML.UK) is up by 2.6%
- Volkswagen (VOW1.DE) is up by 1%
- Mercedes (MBG.DE) is up by 1.9%
- BMW (BMW.DE) is up by 1.4%
- Renault (RNO.FR) is up by 5%
- Stellantis (STLAM.IT) is up by 3.2%
Pernod Ricard (RI.FR) - The French premium alcohol producer is up by over 7% after publishing strong results that exceeded investor expectations.
Drax (DRX.UK) - The renewable energy producer from biomass is in serious legal trouble. The company is currently under investigation by the UK's FCA. The investigation concerns suspicions against the company for acquiring wood in violation of regulations. The stock price is down by over 10%.
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