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DAX quotes up to highest levels in 12 months after lower inflation reading
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Outflow of wealthy clients lifts Credit Suisse shares sharply lower
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Deutsche Borse surprises with strong financial results
Thursday's trading session on markets from the Old Continent brings a significant improvement in sentiment among investors, who reacted positively to Germany's worse-than-expected inflation reading. Contracts on the DE30 broke above recent peaks and climbed to levels not seen for almost a year. The macro calendar for today's session is relatively empty. Investors' attention will focus on speeches by several Fed bankers. PayPal (PYPL.US) will report its financial results after the close of trading on Wall Street.
Inflation in Germany:
Germany's annual inflation rate rose to 8.7% y/y in January, up from 8.6% y/y in the previous month, below market estimates of 8.9%. The EU harmonised index fell to 9.2% from 9.6%, below forecasts of 10%.
Investor sentiment on the Old Continent improved significantly on Thursday following a weaker-than-expected inflation reading in Germany. Most European companies are now posting gains. Source: xStation 5
Support for DE30 quotations continues to be provided by historically low TTF gas prices. DAX quotations have been reversed. Source: XTB Research
Company news and bank recommendations:
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Credit Suisse (CSGN.CH) shares slid sharply on Thursday after Switzerland's second-largest bank reported its fifth consecutive quarterly loss and an exodus of wealthy clients. The lender also expects to record a significant full-year loss for the full year 2023, while a return to profitability is expected in 2024. For more details, please check our last publication from Today.
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Siemens (SIE.DE) shares gained more than 7% on the back of good quarterly results. On the plus side, margins surprised in particular, significantly beating analysts' expectations. .
Details of the company's results. Source: Bloomberg
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Deutsche Boerse (DB1.DE) positively surprised with its results, with its shares currently gaining more than 2.5% and climbing to levels not seen since December 2022. The increase in revenue significantly offsets a slight increase in costs.
Details of the company's results. Source: Bloomberg
Companies currently trading at their highest levels and key information from each. Source: Bloomberg
DE30 chart:
DE30 futures are trading up sharply today. The instrument has broken out above recent peaks and is currently trading at levels not seen for a year. Source: xStation 5
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