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DE30 knocks out key support amid economic uncertainty
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Attention focused on ECB decision
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Quarterly results from Rheinmetall, Hugo Boss, BMW and VW
Thursday's trading session on the Old Continent brings declines in European stock indices, which, in view of the Fed's subdued narrative yesterday, are worried about a more pregnant recession in the economy. Today, investors' attention is focused on individual companies' quarterly results and the ECB's interest rate decision. The DAX breaks below the key support of 15,800 points and paves the way towards support at 15,700 points.
The mood in Europe during Thursday's trading session is relatively negative. Source: xStation 5
News:
Investor attention during today's German trading session is focused on the results of individual listed companies, with BMW, VW, Rheinmetall, Infineon and Hugo Boss among them. Here are the key details of the above reports:
BMW
BMW (BMW.DE) shares gained 2.7% after the publication of its quarterly results. Forecasts for the 2023 fiscal year remained unchanged, but investors were nevertheless pleased by the significantly higher-than-expected Ebit result. BMW will buy back €2 billion worth of Group shares as part of its share buyback programme. BMW's CFO, Nicolas Peter communicated that the company intends to maintain high cash levels going forward. According to banking analysts, the publication of the quarterly results strengthened the chances of the company fulfilling its promises for this year. Source: Bloomberg
Rheinmetall
The shares of the armaments company Rheinmetall (RHM.DE) are losing more than 1% in today's session following the publication of worse-than-expected operating profit results due to rising costs. Although rising costs were anticipated, their scale came as a negative surprise. Investors also disliked the poor forward guidance. Source: Bloomberg
Hugo Boss
The shares of Hugo Boss (BOSS.DE) fared much better, reacting to better-than-expected results. Investors were particularly pleased by the strong sales growth and the increased guidance for the future. The company is benefiting from sustained business momentum, the implemented cost efficiency programme and the sheer scale of sales, which reduces the impact of negative margin-constraining factors. Source: Bloomberg
Volkswagen
Volkswagen (VW.DE) shares are trading down close to 0.3% in today's session, dominating today's uncertain market narrative despite better quarterly results. The results themselves turned out to be not bad, nevertheless the company sees a risk of a slowdown in the second half of 2023. The company reaffirmed its full-year outlook. Source: Bloomberg
Major percentage changes and news from individual companies in the DAX index. Source: Bloomberg
DE30 chart
The DE30 starts the day with a solid discount and falls below the 15800 point level, which in the short term, together with the 15,700 point zone, is a key support level for market bulls. Source: xStation 5
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