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European stock markets rally
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DE30 eyes another test of 16,000 pts
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HelloFresh launches share buyback programme
European stock market indices are trading higher on Tuesday in an attempt to recover from Monday's losses. Majority of blue chip benchmarks from the Old Continent trade over 1% higher today. Polish WIG20 (W20) and Russian RTS (RUS50) are top performers, gaining around 1.8% each, while Spanish IBEX (SPA35) and UK FTSE 100 (UK100) are top laggards, gaining "only" 0.6%. Jerome Powell will appear today in the US Senate at 3:00 pm GMT for confirmation hearings on his renomination. Text of the speech was already released therefore the event may not result in a volatility spike.
Source: xStation5
DE30 is making another attempt to break above a key resistance zone today. The zone ranging below the 23.6% retracement of a recent upward impulse is additionally strengthened by previous price reactions and 200-hour moving average (purple line). Note that if bulls manage to push the index above this hurdle a new higher high would be painted, what may suggest that correction is about to end. On the other hand, if buyers fail to do so and index starts to pull back, reaction to the 15,870 pts support will be crucial. Bouncing off the 15,870 pts could be treated as the right shoulder of an inverse head and shoulders pattern.
Company News
Shares of Deutsche Bank (DBK.DE) and Commerzbank (CBK.DE) are trading lower today after Cerberus Capital Management launched sale of stake in two lenders. Cerberus wants to sell 25.3 million shares of Commerzbank with price guidance of €7.46 and 21 million shares of Deutsche Bank with price guidance of €12.06. Cerberus held around 3% stake in Deutsche Bank and around 5% stake in Commerzbank prior to announcement and wants to sell around a third of its stake in each lender.
Delivery Hero (DHER.DE) is one of the best performing DAX members today. The company said that it expects its food business to break even in the second half of 2022. Delivery Hero expects to achieve earnings between 0 and 100 million euros in Q4 2022.
HelloFresh (HFG.DE) announced that it will launch a share buyback programme and purchase own shares worth up to €250 million, or 2.4% of the company's outstanding shares at current market prices. Purchases will be made in two €125 million tranches with the first one beginning today.
Analysts' actions:
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Continental (CON.DE) was upgraded to "neutral" at Citi. Price target set at €105.00
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Nemetschek (NEM.DE) was downgraded to "equal-weight" at Barclays. Price target set at €100.00
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Adidas (ADS.DE) was upgraded to "outperform" at RBC. Price target set at €325
Shares of HelloFresh (HFG.DE) launched today's trading higher following the share buyback announcement. However, bulls failed to hold onto those gains and the share price moved lower. Two near-term levels to watch for this stock are €61.50 resistance and €53.50 support. Note that the stock broke below the upward trendline in mid-December 2021 so the outlook is somewhat bearish. Source: xStation5
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