- DE30 drops at the end of the week
- Fears of further escalation of conflict ruin "risk-on" sentiment
General market situation:
The last trading session on European markets this week brings dynamic sell-offs of indices. At the moment, the largest sell-offs are recorded by benchmarks in Austria and Spain. Germany's DAX is losing more than 0.9%. Growing fears of a wider conflict in the Middle East are encouraging investors to close deals ahead of the weekend.
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At the moment, most companies listed in Europe during Friday's trading session are down. Source: xStation 5
Futures based on the German DE30 are trading nearly 0.72% lower on an intraday basis and are trading near local lows from March this year. Source: xStation 5
News:
German company Duerr (DUE.DE), a major producer of parts for a number of companies in the automotive, pharmaceutical and carpentry sectors, has lowered its 2024 profit target citing a decline in orders from its HOMAG subsidiary, which operates in the carpentry industry. The company's shares are losing more than 18%. For more information, click here.
Wacker Chemie AG's (WCH.DE) dividend forecast for next year fell 42% to €3.50 per share from an earlier estimate of €6 per share, according to Bloomberg Dividend Forecasts. The company's shares are currently losing 2.5%.
Source: xStation 5
Shares of SMA Solar (S92.DE) fell 5.6% after preliminary results from U.S. competitor SolarEdge (EDG.US) came in below expectations. Jefferies analysts warn that weaker order results could put pressure on earnings estimates in 2024.
Analyst recommendations:
* Salvatore Ferragamo SpA (SFER.IT): Morgan Stanley cuts target to EUR 11.5 from EUR 16
* Salvatore Ferragamo SpA (SFER.IT): UBS cuts target price to EUR 11 from EUR 12
* SAP SE (SAP.DE): Barclays raises target price to EUR 145 from EUR 135
* SAP SE (SAP.DE): HSBC raises target price to EUR 150 from EUR 145
* Nestle SA (NESN.CH): UBS cuts target price to CHF 121 from CHF 125
* Nestle SA (NESN.CH): Baader Helvea cuts target price to CHF 110 from CHF 114
* Nestle SA (NESN.CH): Berenberg cuts target price to CHF 122 from CHF 128
* Nestle SA (NESN.CH): CFRA cuts target price to CHF 110 from CHF 120
* Nestle SA (NESN.CH): Stifel cuts target price to CHF 125 from CHF 130
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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