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German CPI inflation report at 01:00 pm BST
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Weak data from China plunges fashion sector companies
Wednesday's session on European markets brings a deterioration in investor sentiment. Who are limiting upward momentum in the face of a decline in Nvidia shares, which were still driving sentiment on Wall Street recently. The German DAX today tested the support set by the 50-day EMA (blue curve), nevertheless, for the moment, this level has been defended by the demand side. Investors' attention is focused today on inflation readings from the euro area. At 01:00 pm BST, we will learn, among other things, CPI data from Germany.
The mood in Europe during Wednesday's trading session is relatively negative. The worst-performing sectors at the moment are fuels and petroleum products, fashion and automotive. Listings are supported by pharmaceutical companies and telecoms. Source: xStation 5
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Siemens Mobility, a subsidiary of Siemens Group AG (SIE.DE), announced today that it has been awarded an extension to its €530 million rail vehicle maintenance contract. The contract itself has been extended for a further eight years.
The company's shares are seeing moderate declines today, but nevertheless remain in a zone close to historical highs. Source: xStation 5
In Europe, the focus of today's session is primarily on incoming macro data from China and the Eurozone, which have a direct impact on the weak sentiment in the fashion industry. Data from China pointed to weakness in the economy. The manufacturing PMI falls to 48.8 points from 49.2 points, even despite expectations of a rebound to 49.4 points. The services PMI, on the other hand, falls to 54.5 points from 56.4 points on expectations of a decline to 55.1 points. As somewhat illustrative of the position of consumers in China, these data have put pressure on companies such as LVMH (MC.FR), Kering (KER.FR) and Hermes (RMS.FR).
Luxury brand companies are losing out as the Chinese market underpins a driven luxury sector. Source: XTB
Major percentage changes and news from individual companies in the DAX index. Source: Bloomberg
Changes in institutional holdings in individual companies of the DAX index (data from the last session). Source: Bloomberg
DE30 chart
Futures based on the German DAX index (DE30) are trading down today, but the scale of the decline has largely been erased for the moment. Source: xStation 5
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