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European stocks trade mixed
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DE30 drop below 16,000 pts but climbed back later on
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Earnings from Adidas, Infineon and Siemens Energy
In spite of downbeat moods seen on Wall Street yesterday and in Asia today, major stock market indices from Europe launched today's trading little changed. However, moods deteriorated later on with the majority of blue chips indices from the Old Continent moving lower. Nevertheless, the scale of drops was quite minor and in many cases indices had already recovered. US CPI data at 1:30 pm GMT is a big macro release of the day and should be watched closely by both FX and equity traders.
Source: xStation5
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Create account Try a demo Download mobile app Download mobile appDE30 continues to trade within a 15,980-16,060 pts range. Index dropped below 16,000 pts mark today and tested the lower limit of the range. However, bulls managed to defend the area and DE30 recovered from today's daily losses. As a result, the technical outlook for DE30 remains unchanged - a break from the current short-term range will determine the direction of the next big move. In case we see a break below the 15,980 pts support, declines may deepen and reach the 15,835 pts area, where the lower limit of a local market geometry can be found.
Company News
Adidas (ADS.DE) reported Q3 operating profit at €672 million (exp. €679 million) while net income from continuing operations reached €479 million (exp. €486 million). Sales reached €5.75 billion (exp. €5.75) with the EMEA region being the biggest contributor (€2.25 billion) followed by North America (€1.4 billion) and Greater China (€1.1 billion). Adidas lowered full-year profit margin forecasts and now expected gross margin to reach €50.5-51.0%, down from "around 52%", and operating profit margin near the lower end of previous guidance range (9.5-10.0%).
Infineon (IFX.DE) reported a revenue of €3.01 billion for the fiscal-Q4 (calendar-Q3), around 10% QoQ higher and above market estimate of €2.93 billion. Total segment profit jumped 24% QoQ, to €616 million (exp. €560 million), while adjusted EPS jumped from €0.27 in fiscal Q3 to €0.41 now. Infineon expects sales to reach €12.7 billion in full fiscal-2022 (calendar Q4 2021 - Q3 2022) and total segment result margin at around 21%, up from previous forecast of 20%.
Siemens Energy (ENR.DE) reported results for full fiscal-2021 (calendar Q4 2020 - Q3 2021). Company reported a net loss of €560 million (exp. -€534 million). Sales were 3.6% YoY higher at €28.48 billion (exp. €28.66 billion) while orders dropped 2.9% YoY to €33 billion. Adjusted Ebita loss narrowed from €1.54 billion in fiscal-2020 to just €12 million in fiscal-2021. Siemens Energy expects organic revenue growth of -1 to +3% in fiscal-2022.
Share price of Adidas (ADS.DE) plunged today, following the release of a disappointing earnings report for calendar Q3 2021. Stock launched today's trading with a big bearish price gap and dropped below 50- and 200-session moving averages. The near-term support to watch can be found ranging below the €265 mark. However, key support can be found near €250 and is marked with the 50% retracement of post-pandemic upward move. Source: xStation5
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