- European markets under pressure at week's end
- A wave of lawsuits over the Roundup herbicide poses an “existential” threat to the company, according to a Bayer AG executive
- Goldman Sachs cuts recommendation on Carl Zeiss Meditec shares
General market situation:
Friday's trading session on the German stock market brings worse investor sentiment. On the spot market today, the DAX is losing 0.37%, France's CAC40 is down 0.16%, and Britain's FTSE 100 is losing nearly 0.44%. The declines seen today are primarily the result of the publication of higher-than-expected PMI data from the US. The surveyed better economic situation creates the ground for an even more conservative stance by the Fed on interest rates.
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European companies traded lower during Friday's trading session. Source: xStation 5
Volatility currently observed in the DAX index. Source: Bloomberg Financial LP
Germany's benchmark DE40 is recording 0.13% gains during today's session, but nevertheless remains 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:
Goldman Sachs has downgraded shares of Carl Zeiss Meditec (AFX.DE) to a “sell” rating with a target price of €90 per share.
Thyssenkrupp's (TKA.DE) supervisory board has approved plans to sell part (20% stake) of the manufacturer's declining steel unit to Czech billionaire Daniel Kretinsky, an important step in its restructuring. The company's shares are losing nearly 1% today.
Shares of Brenntag (BNR.DE), LEG Immobilien (LEG.DE), and Nemetschek (NEM.DE) are trading with dividends cut today.
Bayer AG (BAYN.DE) CEO Bill Anderson said the wave of lawsuits over the Roundup herbicide poses an “existential” threat to the company and farmers. Bayer is spending more on litigation than on research and development, the director added in a comment. Shares are losing 1.7% in today's session.
Other news coming out of German companies. Source: Bloomberg Financial LP
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