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GfK consumer confidence at levels not seen in over a year!
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Vonovia (VNA.DE) gains against the sale of a minority stake in its portfolio
Today's session on European stock exchanges brings a continuation of the declines in valuations initiated during yesterday's session. The two factors weighing heavily on investor sentiment are the strong quarterly results of Microsoft and Alphabet in particular, as well as the uncertainty surrounding the future fate of First Republic Bank. During the morning hours, investors learned about the report on German consumer confidence, which showed a significant improvement in the outlook for the creation of consumption in the country.
The index of German consumer confidence, according to the GfK Institute, came in at -25.7 points for the reading, compared to a forecast of -27.7 points and a previous reading of -29.3 points. It is worth mentioning that this is the highest reading in more than a year.
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The mood in Europe during Wednesday's trading session remains under selling pressure. Source: xStation 5
News:
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Vonovia (VNA.DE) shares are gaining more than 6% during today's session due to the sale of a minority stake in "Suedewo," which is part of Apollo Global Management's portfolio. The deal is worth nearly €1 billion. The company said it will use the proceeds from the sale to manage liabilities and cover upcoming debt maturities.
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Beiersdorf (BEI.DE) shares are trading mixed in today's session following the release of consensus quarterly results. The company's brand centered on Nivea creams grew 18% in the period, while its Derma division increased revenues by 26.9%. Beisersdorf expects its consumer business segment to post organic sales growth in the single-digit range (closer to 9%), and to exceed its EBIT margin from the previous year.
The company's detailed quarterly results. Source: Bloomberg
Varta (VAR1.DE) announced a plan to cut nearly 240 jobs due to the company's ongoing restructuring process. The company intends to cut another 150 jobs in 2024, and transfer the affected employees to subsidiaries in other countries. The company's shares are currently losing 3.5%.
Changes in the institution's holdings in individual companies of the DAX index (data from the last session). Source: Bloomberg
Largest percentage changes and information from individual companies in the DAX index. Source: Bloomberg
DE30 chart
Futures based on the German DAX Index (DE30) are trading down slightly today, nevertheless, for the moment the bulls are trying to defend the support zone set by yesterday's minima. Source: xStation 5
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