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Investor attention turns to ADP report
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Earnings from Hugo Boss (BOSS.DE) and BAE Systems (BA.UK)
Wednesday's session on European markets began with steep declines following the decision by credit rating agency Fitch to downgrade the US credit rating. Following the news, stock indices posted sizable declines, but these are now largely erased.
Investors' attention today is focused on the ADP data reading from the US, which will be an important indication ahead of Friday's NFP report (the key macroeconomic report for the US economy).
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The mood in Europe during Wednesday's trading session is clearly negative, extending the downward momentum that began yesterday. Source: xStation 5
German DE30 futures are losing nearly 0.9% during today's session. However, it is worth noting that most of the declines recorded since the start of the session have already been negated. Source: xStation 5
News:
BNPP Exane raised its recommendation on shares of Siltronic (WAF.DE) to an "outperform" rating. The target price was set at EUR 98. The company's shares are currently gaining close to 1.75%.
Siltronic (WAF.DE) share price, W1 interval. Source: xStation 5
Against the backdrop of a broad market sell-off in Europe, the company which managed to post a sizable gain was the BAE Systems (BA.UK). The company raised its earnings forecasts for the year on the back of massive defence spending
The company now expects full year EPS to be 10%-12% higher, the previous forecast of 5%-7%.
The company has approved a further share buyback of up to £1.5 billion.
BAE Systems (BA.UK) share price, D1 interval. Source: xStation 5
On the other hand, one of the worst performing companies at the moment is Siemens Healthineers (SHL.DE), which is losing more than 6% in the face of worse-than-expected quarterly results. On the other hand, however, the company confirmed its earnings forecasts for the year.
Siemens Healthineers (SHL.DE) share price, D1 interval. Source: xStation 5
Fashion companies are reacting today to the results of Hugo Boss (BOSS.DE), which turned out to be very good for the company itself, nevertheless some uncertainty factors were undermined. The company raised its profit and sales forecast for 2023 (sales are expected to grow by 12%-15% against an earlier forecast of 10%,and operating profit to €400-420 million against the previously expected €370-400 million). However, shares lost ground during today's session against higher stocks (up 53% in the first half of the year).
Hugo Boss (BOSS.DE) share price, W1 interval. Source: xStation 5
Largest percentage change in individual DAX index companies. Source: Bloomberg Finance L.P.
Information from individual companies in the DAX index. Source: Bloomberg Finance L.P.
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