DE40: German stocks extend technical pullback 📉

• DAX under further downward pressure
• SAP under further pressure from US prosecutors
• Barlcays lowers recommendation on Porsche Automobil shares

General market situation:

Thursday's session on European stock markets brings moderate declines in most stock indexes. Germany's DAX is currently losing 0.30%. Britain's FTSE 100 is gaining 0.33%. At the same time, France's CAC40 is losing 0.55%. Investors' attention today turns to PMI data for services, which surprised with higher readings for September.

Volatility seen today in the broad European market. Source: xStation 

Germany's benchmark DE40 is trading nearly 0.30% lower during Thursday's session. The key support points of the broad uptrend appear to remain the zones of recent peaks (19,000 points) and the 50-day EMA (blue curve on the chart). The most important resistance remains the historical peak near 19,650 points. Source: xStation

News:

A Barclays analyst downgraded his recommendation on Porsche Automobil Holding SE (PAH3.DE) to “underweight” from an earlier equal-weight rating. The target price was set at 35 euros.

Global semiconductor manufacturers are monitoring supplies of high-purity quartz, a key material for the industry, after Hurricane Helene halted production at two mines in North Carolina that produce most of the world's supply. The shares of European semiconductor companies are losing value today. Infineon (IFX.DE) shares are currently losing nearly 2.16%.

U.S. prosecutors are expanding their investigation into potential price fixing by German software maker SAP SE (SAP.DE) and technology vendor Carahsoft Technology Corp. The company's shares are losing 0.7% today. 

Source: xStation 

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