DE30: European stock markets extend yesterday's sell-off

• DAX extends downward wave

• EMU GDP surprises on the upside

• Attention focused on results of European banks

Tuesday's trading session on markets from the Old Continent brings a continuation of the wave of declines initiated during yesterday's session. The German DAX is recording declines today and continues to stay below the consolidation zone in the area of recent local peaks. We have a very interesting week ahead of us as far as the macro calendar is concerned, and it is not surprising that most of the market movements will just depend on the reaction to specific data. This week awaits us, among others: the Fed, BOE and ECB decisions, as well as the NFP report from the US!  Today, investors learned surprisingly good GDP data from EMU. Attention on Wall Street will be drawn to companies that will present their quarterly results.

• Caterpillar (CAT.US) - before the market opens

  ExxonMobil (XOM.US) - before the market opens

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  General Motors (GM.US) - before the market opens

  Marathon Petroleum (MPC.US) - before the market opened

  McDonald's (MCD.US) - before the market opened

  Pfizer (PFE.US) - before the market opened

  Phillips 66 (PSX.US) - before the market opened

  United Parcel Service (UPS.US) - before the market opened

  Advanced Micro Devices (AMD.US) - after the market closed

  Electronic Arts (EA.US) - after the market close

Eurozone, Q4 2022 GDP report. Current: 0.1% q/q. Expected: - 0.1% q/q. Previously: 0.3% q/q

On an annualized basis: Currently: 1.9% y/y. Predicted: 1.8% y/y. Previously: 2.1% y/y

Investor sentiment on the Old Continent deteriorated on Monday. The majority of companies are now trading down. Source: xStation 5

Company news and bank recommendations:

• The shares of German armaments giant Rheinmetall (RHM.DE) are losing more than 7% today, i.e. the most among large German companies, and were unable to maintain the bullish momentum caused by the agreement on tank deliveries to Ukraine and optimistic comments by the CEO, Armin Papperger. However, in the coming weeks, there may be further catalysts favoring speculation in the company's shares. You can find more information here.

• The attention of investors in Europe today is particularly drawn to the banking sector, which is reacting to the results of UBS (UBSG.CH) and UniCredit (UCG.IT).

UBS AG bank's shares are losing nearly 3% today despite the publication of better-than-expected financial results. Sentiment was mainly weighed down by comments about an uncertain 2023, which is still under pressure from the ongoing war, and the deteriorating confidence of wealthy clients. The bank's CEO, no less, added that the bank is well positioned to finance growth and achieve high returns on capital in 2023. The bank intends to repurchase more than $5 billion worth of its own shares in 2023.

Source: Bloomberg

Much better sentiment is seen on the shares of Italian group UniCredit, whose shares gained nearly 9% today. In this case, the company also beat analysts' expectations, but in an even more pronounced way. Net profit beat analysts' expectations by almost double. The bank also intends to buy back its own shares (worth €3.34 billion).

Source: Bloomberg

Companies currently trading at their highest volume and key information from each. Source: Bloomberg

DE30 chart:

DE30 futures are trading lower today. The instrument continues to stay below consolidation near local peaks and close to the resistance set by the 78.6% Fibo elimination. Source: xStation 5