- DE30 loses at the end of the week
- Specter of escalating conflict in the Middle East widens
- Crude oil gains nearly 3.5%
- Sartorius AG (SRT.DE) falls as much as 8.5%
Overall market situation:
Friday's session on European markets brings a deterioration in the sentiment observed on exchanges from the Old Continent. The escalation of the conflict in the Middle East is raising concerns about the geopolitical situation in the world, encouraging investors to close their positions ahead of the weekend. The Israeli side has made news by ordering the evacuation of particular districts of the Gaza Strip, which may signify the desire of the establishment there to carry out a ground invasion of Hamas areas even this weekend.
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At the moment, most of the companies listed in Europe are trading down during Friday's trading session. Source: xStation 5
Futures based on the German DE30 are trading nearly 0.5% lower intraday. At the moment, the benchmark has broken below resistance levels set by the barrier marked by the 200-day exponential moving average (golden curve) and the 23.6% Fibo retracement of the upward wave initiated in October 2022. Source: xStation 5
News:
Allianz SE (ALV.DE) has agreed to buy Assicurazioni Generali SpA's Tua Assicurazioni property unit for €280 million, strengthening its number-three position in the Italian non-life insurance market. The transaction is subject to regulatory approvals, which are expected in early 2024, Allianz reported. The company's shares are currently losing nearly 1.5%.
Source: xStation 5
Shares of Zalando (ZAL.DE) were upgraded by HSBC to a "buy" rating. The target price was set at 28 euros per share. The company's shares are currently gaining nearly 0.75%.
Morgan Stanley rated Encavis (ECV.DE) at "equal-weight." The target price was set at 14.50 euros per share. The company's shares are currently losing more than 2.75%.
Sartorius AG (SRT.DE) is down as much as 8.5%, while its French-listed subsidiary Sartorius Stedim Biotech (DIM.FR) is down as much as 10%. Both companies have lowered their full-year forecasts, with the companies citing lower volume expectations and product blending effects. Morgan Stanley says the scale of the profit warning is more significant than expected.
The new forecasts for the 2023 fiscal year assume a reduction in Ebitda of about 10% for both companies, Morgan Stanley analysts added.
Source: company results and forecasts. Source: Bloomberg Finance L.P.
Source: xStation 5
The largest percentage changes in individual companies in the DAX index. Source: Bloomberg Finance L.P.
Information from individual companies in the DAX index. Source: Bloomberg Finance L.P.
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