- European markets gain ahead of FOMC decision
- Commerzbank (CBK.DE) the beneficiary of rate rises in Europe
- Hugo Boss (BOSS.DE) upgraded by Jefferies to 'buy' rating.Ā
Overall market situation:
Wednesday's session on European markets brings an improvement in market sentiment towards the FOMC interest rate meeting scheduled for today. Moreover, a noteworthy macro factor of today's session is Germany's PPI inflation, which, in terms of year-on-year readings, recorded its biggest fall since 1949, thus reducing the chances of a more hawkish ECB stance in the future.Ā
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At the moment, the majority of companies listed in Europe during Wednesday's trading session are up. Banking-related companies are doing particularly well. Source: xStation 5
Futures based on the German DE30 are gaining nearly 0.55% intraday and are slightly breaking above the resistance zone defined by the 50-day exponential moving average (blue curve). Source: xStation 5
News:
Hauck&Aufhaeuser initiated analyst coverage for Delivery Hero (DHER.DE) with a "buy" rating and a target level of ā¬65 per share. The company's shares are currently gaining close to 3.75%.
Source: xStation 5
Jefferies raised its recommendation on shares of Hugo Boss (BOSS.DE) to a "buy" rating and set a target price for the shares at ā¬80 per share. The company's shares are currently gaining nearly 2%.Ā
Source: xStation 5
Commerzbank (CBK.DE) shares are also doing relatively well, gaining on the wave of new management comments.
Earnings prospects are steadily rising due to interest rate rises, and the bank itself is on track to make around ā¬1.8 billion in net profit. In the second quarter, Commerzbank increased its net interest income by 44%Ā to a record ā¬2.13 billion. Source: ReutersĀ
The largest percentage changes in individual companies of the DAX index. Source: Bloomberg Finance L.P.
Information from individual companies in the DAX index. Source: Bloomberg Finance L.P.
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