- European indices trade higher
- DE30 climbs back above 14,800 pts
- Siemens Energy jumps 5% as CEO says company doesn't need state money
European stock market indices are trading higher at the beginning of a new week. Markets are retracing part of pre-weekend moves as feared escalation in the Middle East didn't arrive. Blue chips indices from the Old Continent are trading 0.5-1.5% higher today. Solid data released earlier today - lower-than-expected CPI in Spain and better-than-expected GDP from Germany are supporting stock market sentiment. German CPI data for October will be released at 1:00 pm GMT.
Source: xStation5
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Create account Try a demo Download mobile app Download mobile appGerman DAX futures (DE30) are trading back above the 14,800 pts mark. Taking a look at the chart at D1 interval, we can see that recent declines were halted at the support zone marked with 38.2% retracement of the upward move launched in October 2022. This is the zone that halted declines in March 2023. Should bulls remain in control and current recovery move gains steam, the near-term resistance zone to watch can be found above psychological 15,000 pts level. On the other hand, should pressure return and index breaks below the aforementioned 14,800 pts, a deeper drop may be looming with 14,250 pts area (50% retracement) being a potential target.
Company News
Siemens Energy (ENR.DE) is the best performing DAX stock, gaining over 5% today. Company's CEO assured that it does not need money from the state. Comments came as some concerns recently arose around loss generating turbine manufacturers that may need a state bailout.
RWE (RWE.DE) signed a 5-year gas supply agreement with Equinor.
Korean Air will buy 20 additional A321neo aircraft from Airbus (AIR.DE), worth $3 billion.
Analysts' actions
- Mercedes (MBG.DE) downgraded to "hold" at Stifel. Price target set at €65.00
- Jenoptik (JEN.DE) upgraded to "buy" at Stifel. Price target set at €30.00
- Covestro (1COV.DE) rated "buy" at Deutsche Bank. Price target set at €58.00
- Covestro (1COV.DE) downgraded to "sell" at Jyske Bank. Price target set at €45.00
- Continental (CON.DE) rated "hold" at Intesa Sanpaolo. Price target set at €67.00
- Vonovia (VNA.DE) rated "buy" at Warburg Research. Price target set at €39.80
Siemens Energy (ENR.US) launched today's trading with an over-15% bullish price gap, marking the biggest intraday gain in 3 years. However, majority of those gains have been erased already and now the stock trades just 5% higher on the day. Source: xStation5
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