- DE30 in zone of important support at start of week
- Lonza (LONN.CH) CEO's departure puts company shares down 12%
Overall market situation:
Monday's session on European markets brings a continuation of the downward momentum in the markets, largely driven by weak sentiment in the semiconductor, fashion and banking sectors (thanks to a sell-off in Societe Generale (GLE.FR) shares). The macro calendar for today's session is essentially empty, but markets are nevertheless awaiting key central bank interest rate decisions with greater trepidation. This week, such decisions will mainly be taken by the FED, BoE, SNB and BoJ.
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At the moment, the majority of companies listed in Europe are trading down during Monday's trading session. Companies linked to the fashion and semiconductor sectors are performing particularly poorly. Source: xStation 5
Futures based on the German DE30 are losing nearly 0.54% today and are breaking out of the support zones defined by the 50-day exponential moving average (blue curve). Source: xStation 5
News:
Goldman Sachs raised its recommendation on shares of Continental (CON.DE) to a "neutral" rating from its previous "sell" rating. The target price was set at €70.
The healthcare sector is also performing relatively poorly, with declines primarily driven by Novo Nordisk (NOVOB.DK; -3%) and Lonza (LONN.CH; -12%). The Swiss company is losing out in the face of the decision that the company's current CEO is leaving, which has created uncertainty over the company's medium-term performance.
The company's shares are now trading within the zone of key support levels in the broader term. Source: xStation 5
Nordic Semi (NOD.NO) shares are losing sharply in today's session as the company cut its Q3 revenue forecast in the face of lower customer demand. On Friday, TSMC (TSM.US) issued similar concerns about customer interest.
Source: xStation 5
Largest percentage changes in individual companies of 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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