- DAX leads gains in Europe
- Recommendation revisions for Tag Immobilien, Delivery Hero and Philips
Overall market situation:
Tuesday's session on European stock markets brings moderate declines in most stock indexes. Germany's DAX is currently gaining 0.34%. Britain's FTSE 100, meanwhile, is losing more than 0.6%. The French CAC40, meanwhile, is down 0.8%. Investor attention today turns to corporate news (Wall Street earnings) and CPI data from Canada.
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Volatility currently observed in the broad European market. Source: xStation
Germany's benchmark DE40 is trading nearly 0.10% higher during Tuesday's session and is breaking out to new historic highs. It seems that the key support points of the broad uptrend remain the zones of recent peaks (19,000 points), the 50-day EMA (blue curve on the chart) and the historical peak just broken out, which is now the main control zone for the supply and demand sides. Source: xStation
News:
HSBC analysts lowered their recommendation for Tag Immobilien AG (TEG.DE) to “hold” from “buy.” Target price set at €16.50.
Citi cuts recommendation for Delivery Hero (DHER.DE). Europe's food delivery sector appears poised for relatively strong performance in the third quarter, Citi writes in a note, downgrading Delivery Hero to “neutral.” The bank's analysts say app/website trends suggest a “potentially quiet” third quarter from a top-line perspective for Delivery Hero and Just Eat Takeaway (buy recommendation). The target price for Delivery Hero was nevertheless raised to 42 euros per share from the previous 32 euros per share.
Deutsche Bank (DBK.DE) shares fell 2%, after the bank priced its offering of 16 million shares at €16.01 per share, a 2% discount to the last close.
Philips (PHIA.NL) shares are gaining nearly 2% in today's session after Oddo BHF raised its recommendation on the stock to “outperform” and set a target price per share of €40. The institution's analyst says that “ignoring the hype” related to the company's recall of medical devices to treat sleep apnea, Philips is performing decently. Moreover, positioning in image-assisted therapy, monitoring, cardiac ultrasound and MRI “has never been better,” - added analyst Oddo.
Other news coming out of individual companies in the DAX index. Source: Bloomberg Financial LP
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