- DAX in the zone of yesterday's closing prices on the spot market
- US GDP reading at 1:30 pm BST
- SAP under pressure from weak Salesforce results
General market situation:
Thursday's session on European stock indices brings mixed investor sentiment. Initially, moderate declines dominated the market, but these have been mostly erased by now. The German DAX on the spot market is trading near yesterday's closing levels, while other indexes such as the CAC40 and FTSE 100 are trading up 0.2% and 0.24% respectively. Investors' attention turns today to the GDP report from the US (1:30 pm BST).
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European companies traded at mixed levels during Thursday's trading session. Source: xStation 5
Volatility currently observed in the DAX index. Source: Investing
Germany's benchmark DE40 is trading down nearly 0.08% during today's session. The index continues to trade in the structure of the downward trend initiated on May 16. In the medium term, the continuation of the downtrend may create room to test the historically important support level in the zone of the 50-day exponential moving average (blue curve on the chart). Locally, the most important resistance all the time remains the historical peak at 19,000 points. Source: xStation 5
News:
One of the leaders in the declines of Thursday's session on the German stock market is SAP (SAP.DE). The stock is currently losing 2.6% following yesterday's release of results from U.S. competitor Salesforce (CRM.US), which came in below analysts' expectations. Ahead of the Wall Street opening, CRM shares are losing 16%.
Sentiment was particularly hurt by weak demand in the cloud business. This has worried SAP investors, as the cloud business is also becoming increasingly important for the German group.
Source: xStation
Volkswagen's (VOW1.DE) first day without dividend entitlement, which falls today, causes nearly 5.5% declines in the shares of the automotive giant. The payout of €9 per share will take place on June 4.
Source: xStation
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