- European indices failed to extend rebound after Monday's plunge
- DE40 remains below the 200-day EMA
- Results from Allianz, Deutsche Telekom and Siemens AG
Overall market situation:
Thursday's session on European stock markets brings declines in most stock indexes. Germany's DAX is currently losing 0.56% on an intraday basis. At the same time, France's CAC40 is down 0.98%. The attempt to rebound after Monday's plunge at this point has not been extended. Most indexes are currently trading below their 200-day exponential moving averages, which may pose a risk of negating long-term uptrends.
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile app
Volatility currently observed in the broad European market. Source: xStation
Germany's benchmark DE40 traded nearly 0.32% higher during Thursday's session. The index broke below the key support level set by the 200-day EMA (gold curve on the chart). At the moment, the index is consolidating within this zone, and today's session alone brings a second attempt to go above this zone. If market bulls fail to take dominance over the market and close the intraday session above this zone, a further supply reaction could take the index to the region of 17,350 points, where local minima are currently located after the dynamic declines of recent days and the measure of the 38.2% Fibo of the upward channel initiated in October 2023. Source: xStation
News:
Allianz (ALV.DE) shares are gaining 1.4% in today's session, after the company reported higher-than-expected quarterly results. Operating profit for Q2 came in at €3.83 billion vs. €3.66 billion expected by analysts. Revenues for the same period totaled 42.6 billion euros (18.67 billion euros was expected). Moreover, the company communicated that its share buyback program this year will total €1.5 billion. This fiscal year, operating profit is expected to reach between €13.8 billion and €15.8 billion.
Chart of the company's stock price, D1 interval. Source: xStation
Siemens AG (SIE.DE) shares are losing 0.2% at the moment and remain in a local consolidation zone. The company's industrial profit was €3.03 billion in Q3 (estimated at €2.83 billion). Net profit was €2.13 billion (estimated €1.78 billion). Orders amounted to €19.78 billion (estimate €19.54 billion).
Company's stock chart, D1 interval. Source: xStation
Deutsche Telekom (DTE.DE) also reported its results. Its shares are gaining 2% after the company reported Q2 2024 adjusted EBITDA of €10.82 billion versus expectations of €10.74 billion. Revenues were €28.39 billion (estimated €27.94 billion).
Other news coming from individual companies in the DAX index. Source: Bloomberg Financial LP
The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
