- Sentiment on the European market is slightly better today; indices are rebounding after yesterday's sell-off.
- The German index DE40 is up 0.30%.
- Siemens, after acquiring Altair Engineering (ALTR.US) for 10.6 billion USD, plans to continue its activities in the M&A market.
Today, the European market is showing a slight rebound after yesterday's deep sell-off. Yesterday was the worst day for indices in Europe in almost two months. However, today, the sell-off is easing, and the market awaits the key publication of the week, the NFP report from the U.S. labor market.
The pan-European EURO STOXX 50 (EU50) index is up 0.50%. The Italian ITA40 index gains 0.40%, the Spanish SPA35 index is up 0.45%, the German DE40 index rises 0.30%, and the French FRA40 is trading higher by 0.40%. Overall, the index gains range from 0.30% to 0.70%.
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The energy sector is the biggest gainer (+1.3%), driven by a rebound in oil prices following reports that Iran is preparing a retaliatory attack on Israel from Iraq in the coming days.
DE40 (D1 interval)
The declines in the German index are being halted around a key support zone above 19,000 points. A similar level saw a halt to a correction in early October. However, the situation now looks slightly different, as the index failed to break above 19,900 points and lost upward momentum. If the current support zone is breached, further declines toward 18,800 points may be expected.
Source: xStation 5
Company News
Siemens (SIE.DE) is up 1.00% after board member Cedrik Neike stated that the German conglomerate has the financial strength for further strategic acquisitions, referring to yesterday's finalization of the Altair Engineering purchase for 10.6 billion USD.
HelloFresh (HFG.DE) is up more than 8.00% to 10.90 EUR after JPMorgan upgraded its recommendation from neutral to accumulate. The target price was significantly raised to 14.00 EUR from the previous 7.00 EUR. The upgrade follows HelloFresh's recent financial results, which exceeded market expectations. HelloFresh also reported a significant 40% year-over-year increase in ready-to-eat (RTE) orders, helping offset the ongoing weakness in meal kits. The expansion of the RTE segment in Germany, the Netherlands, Scandinavia, and Canada is expected to support further growth through 2025.
Fielmann (FIE.DE) is down 7.70% following quarterly results, as investors were disappointed by the outlook for all of 2024. Fielmann Group achieved a 13% sales increase in the first nine months of 2024, driven by organic growth and acquisitions in the U.S., and adjusted EBITDA in Europe rose by 1.1 percentage points to 23.6%. The company maintains its 2024 forecast, expecting sales of 2.3 billion EUR.
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