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Markets gain on wave of macro data releases
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LEG Immobilien increases forecasts for the full year
This week's final trading session on the Old Continent brings clear rallies in stock indices, which are gaining on the wave of good macro data coming out of EMU and the US. In Germany alone, we learned today about the unemployment rate and retail sales data. The number of unemployed surprised on the upside, lifting the unemployment rate to 5.7% against the expected 5.6%. Retail sales, on the other hand, surprised with a smaller-than-expected decline (YOY reading of -3.6% vs. -6.7% expected), and rose by 0.4% on a monthly basis.
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Create account Try a demo Download mobile app Download mobile appThe mood in Europe during the last session of the week is clearly bullish. At this point, there is no sector that is not gaining overall. Source: xStation 5
German DE30 futures are gaining dynamically at the end of the week, posting close to 1% gains at the moment and breaking out to a zone close to the local peaks of the last two months. Source: xStation 5
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Sportswear stocks came under slight pressure this morning, reacting to the release of Nike's (NKE.US) quarterly results. Analysts at Bloomberg Intelligence said Nike's outlook looks "conservative" given the strong sales performance. However, the shares of Adidas (ADS.DE) and Puma (PUM.DE) are now gaining more than 2.3%.
Source: xStation 5
LEG Immobilien (LEG.DE) is now leading the growth in the real estate market thanks to better forecasts. The company has increased its forecasts for adjusted operating profit and EBITDA margin for the full year. The adjusted Ebitda margin for the financial year is expected to be 80%, previously expected to be 78%. Operationally, LEG Immobilien SE continues to benefit from the demand situation in the rental market and on this basis expects rental growth of 3.8 - 4.0% previous expectations were 3.3 - 3.7%.
The company's shares are currently gaining 5.67% and are testing the resistance set by the 50-day exponential moving average (blue curve). Source: xStation 5
Deutsche Bank initiates analyst coverage on shares of Nordex (NDX1.DE) with a 'buy' rating and a target price of €17. The bank sees that the company is well positioned in most of the key regions that can provide the company with growth. According to analysts, the market is underestimating margin expansion due to reduced cost pressures, cleansing of the low-margin backlog and a lower risk profile, as well as a reduced balance sheet value. Onshore wind power is one of the cheapest sources of energy available, and planned cost reductions are also likely to undercut this.
Nordex (NDX1.DE) is currently testing resistance levels set by the 50-day exponential moving average (blue curve). Source: xStation 5
The largest percentage changes in the individual companies of the DAX index. Source: Bloomberg
Information from individual companies in the DAX index. Source: Bloomberg
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