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European stock markets erase early gains
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DE30 reapproaches recent lows in 12,600 pts area
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Shop Apotheke surges after preliminary earnings release
European stock market indices launched today's trading slightly higher but moods deteriorated quickly after the beginning of the cash session on the Old Continent. Blue chips indices from all across Europe are no trading lower on the day. German DAX (DE30), UK FTSE 100 (UK100) and French CAC (FRA40) are top laggards from Western Europe, dropping around 1% each. Russian RTS index dips 4%.
Source: xStation5
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Create account Try a demo Download mobile app Download mobile appSell-off on DE30 eased in recent days allowing price to bounce off the 12,600 pts area and launch a recovery move. However, it looks like the optimism may have faded already as a strong downward move that occurred at the beginning of today's European cash trading session pushed the index below a short-term upward trendline. Index is quickly approaching recent lows in the 12,600 pts area and a break below would suggest that another leg lower in the downtrend is underway.
Company News
DHL, subsidiary of Deutsche Post (DPW.DE), said that it acquired a freight facility near Dusseldorf, Germany that will primarily serve the company's automotive customers. DHL also announced that it will invest €560 million in its e-commerce operations in the UK, including a new hub in Coventry and creation of over 4 thousand jobs. Decision on UK investment comes after the company reported a 40% volume uplift since the beginning of Covid pandemic in 2020.
Shop Apotheke (SAE.DE) gains after reporting preliminary Q2 earnings. Company said that, according to preliminary data, it managed to generate €287 million in revenue in Q2 2022, a result 14.7% YoY higher. Sales in the whole first half of 2022 were 10.8% YoY higher. Shop Apotheke maintained its full-year forecast and still expects adjusted EBITDA margin to reach -1.5% - 1.5%.
Fitch reaffirmed the rating of Fresenius (FRE.DE) at 'BBB-' with a stable outlook. Fresenius Medical Care (FME.DE) was also affirmed at 'BBB-' with stable outlook.
Analysts' actions
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ProSiebenSat.1 Media (PSM.DE) downgraded to "sell" at Goldman Sachs. Price target set at €9.00
Shop Apotheke (SAE.DE) gains following the release of preliminary Q2 results. Company trades over 10% higher today and is testing the resistance zone ranging around €90.00 mark. However, the downtrend is still in play and the mid-term outlook for bulls will brighten only once the share price breaks above the upper limit of the Overbalance structure near €117.00. Source: xStation5
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