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DE30 remains in the consolidation zone
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Industrial production in Germany below expectations
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Aurubis AG on a wave of increased recommendation
Wednesday's session on European markets, as was also the case yesterday, brings mixed investor sentiment. The German DAX is not showing any major deviation from yesterday's closes, however, the benchmark itself is currently losing ground. The topic of the day and the most important macro reading will be the BoC's decision on interest rates. Germany's industrial production reading came in below expectations today.
The mood in Europe during Wednesday's trading session is relatively negative. Companies in the metals and retail sectors (clothing chains driven by Inditex shares (ITX.ES). Source: xStation 5
News:
Aurubis AG (NDA.DE) shares are up more than 3% today, extending the recent upward momentum that has reached the resistance supports defined by the confluence of the 50-, 100- and 200-day EMAs (blue, purple and gold curves respectively).
The reason for today's rally in the company's shares was the upgrade of Baader Helvea's rating on the company's stock to 'buy' from its previous 'add' rating. The target price for the shares was set at €110 per share, 41% higher than yesterday's closing levels.
Chart of the Aurubis (NDA.DE) share price. D1 interval. Source: xStation5
The German laboratory equipment company Sartorius (SRT.DE) is in a similar scenario, but in this case the scale of the rally is much smaller (+0.72%). Analysts at HSBC raised their recommendation for the company to 'buy' from their previous 'hold' rating. The target price was lowered to €400 per share from an earlier rating of €420 per share.
Sartorius (SRT.DE) stock chart, D1 interval. The German company's shares managed to break above the support zone (marked on the chart), which was previously bottomed out, and are currently testing the resistance set by the EMA 50 (blue curve). Source: xStation5
Changes in institutional holdings in individual DAX index companies (last session's data). Source: Bloomberg
Major 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 today and trying to break below the last session's minimum zone. For the moment, the demand side is still defending above the support defined by the EMA 50 (blue curve; D1 interval). Source: xStation 5
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