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DE30 at all-time highs
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Deutsche Bank has downgraded its recommendation on Deutsche Telefonica shares
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E.ON (EOAN.DE) is considering the sale of UK-based Npower Ltd
Friday's trading session on the European markets brings a continuation of the euphoria among investors. The German DAX (DE30) is trading up more than 0.76% today and has rocketed to historic highs! Optimism over a possible agreement on the US debt limit has pushed share prices up across the European market. Investors received German PPI data for April this morning, which showed a smaller year-on-year decline than expected - from 6.7 to 4.1% y/y, while the market was expecting 4.0% y/y. Later in the day, traders will focus on Powell's speech, who will comment on the US economic situation.
The mood in Europe during Friday's trading session is clearly positive. Source: xStation 5
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Deutsche Bank downgraded its recommendation on Deutsche Telefonica (O2D.DE) shares to a 'hold' rating from previously 'buy' in view of limited upside room. The target price was lowered to €3.1 per share (previously €3.5). Deutsche bankers comment that short-term factors may be supportive of the company, nevertheless in the longer term the scales may tilt towards the competition. The company's shares are currently losing more than 2%.
Source: Bloomberg
Energy giant E.ON (EOAN.DE) is considering the sale of UK-based Npower Ltd, which supplies energy to large companies. The German group is working with advisers to gauge interest from potential buyers. In 2021, Npower supplied more than 20 terawatt hours of electricity, around 6% of the country's total consumption. The analysis of the sale of the EON subsidiary comes at a time when energy suppliers in the European Union are reassessing their relationships with business customers. Due to price volatility, suppliers are reluctant to enter into long-term contracts, while customers are asking for more flexible contracts that allow payments to be spread over a longer period. Yesterday, sentiment around the company was spoiled by a downgraded recommendation from Societe Generale.
E.ON (EOAN.DE) shares are currently testing medium-term support (green line), which is reinforced by the 100-day exponential moving average (purple curve). Source: xStation 5
Major percentage changes and news from individual companies in the DAX index. Source: Bloomberg
DE30 chart
Futures based on the German DAX index (DE30) are posting massive rallies today and are entering historic highs. Source: xStation 5
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