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Indices in Europe hold modest gains ahead of FOMC decision
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ECB sees no sign of weakening core inflation - Lagarde
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Largest shareholder increases exposure to Varta
Markets' attention today is focused on the Fed's interest rate decision. Although the mood is mixed and the public continues to wonder what the FOMC will do in the face of lingering uncertainty in the banking sector in the background, the first half of the trading session in Europe proceeded in a relatively bullish mood. Prezez Lagarde commented today that the ECB sees no clear evidence that core inflation is on a downward trend. The dynamics of core inflation remain strong, nevertheless she also mentioned that the ECB is not announcing further hikes, but is not ruling them out either.
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The spin-off of investment bank CS First Boston, which was previously arranged by Credit Suisse (CSGN.CH), will be put on hold, UBS (UBSG.CH) has announced. According to media reports, UBS was to hire a legal team to assess how to terminate the agreement between the entity and the appointed head of CSFB at the lowest price.
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German battery manufacturer Varta (VAR1.DE) has received a capital injection of €51 million from its largest shareholder, Michael Tojner, increasing its stake in the company to 52% (it was previously 50%). Varta intends to use the proceeds to invest "especially in important areas of innovation", especially in the field of energy storage. The new shares were allotted at a price of €22.85, a discount of 4% on Tuesday's closing price. The company's shares are currently gaining more than 1%.
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Nike's (NKE.US) negative prediction of a decline in gross margin in 2023 to levels at the lower end of its forecast range put pressure on Adidas (ADS.DE) and Puma (PUM.DE) shares.
The German DE30 extends the dynamic gains initiated in the second half of Monday's European session. The benchmark has broken above the key resistance set by the 78.6% Fibo retracement and is heading towards recent highs. Source: xStation 5
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