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Morgan Stanley downgrades recommendation for Sartorius
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Adidas decides to resell Yeezy brand products
This week's first trading session brings a deceleration of the recent bullish momentum on European stock markets. This is directly related to sentiment on Wall Street, which has been subjected once again to pressure from the US government and the ongoing discussions around the debt limit. Investors' attention during today's trading session is primarily focused on statements by central bankers. Later in the week, attention will focus on the FOMC Minutes.
The mood in Europe deteriorated during Monday's trading session. Source: xStation 5
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Morgan Stanley downgraded shares of Sartorius (SRT.DE) to equal-weight from an earlier overweight rating. The recommending analyst noted that the second half of 2023 could be challenging for the company. On the other hand, however, the long-term fundamentals around the bioprocessing sector appear healthy, despite recent declines. The target price was lowered to €375 per share against an earlier assessment of €465. SRT shares are currently losing more than 2.7%.
The shares of Sartorius (SRT.DE) are currently testing the key support marked for you by the green zone. W1 interval. Source: xStation 5
The shares of Brenntag (BNR.DE) are losing more than 2% today following a downgraded recommendation from Barclays to underweight from an earlier equal-weight rating. Target price set at €80.
Adidas (ADS.DE) announced its willingness to divest the accumulating stock of Yeezy sub-brand products left over from the media end of the brand's collaboration with Kanye West. The first of the remaining products will go on sale at the end of May, with a "significant portion" of the proceeds being donated to charities fighting discrimination and hate speech. The decision could help Adidas partially recoup the costs of ending the partnership, which amount to around €500 million. The company's shares are gaining more than 1.3% during today's session.
Adidas (ADS.DE) shares are struggling to hold the important support set by the 50-week exponential moving average (blue curve). Source: xStation 5
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 and are coming off the recently broken historical highs. Source: xStation 5
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