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DE30 drops on inflation risks
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Updates from Continental AG (CON.DE) and Fraport (FRA.DE)
Market sentiment deteriorated on European trading floors during today's trading session. The German DE30 is down 0.80%, the French FRA40 is losing 0.4%, and the Polish W20 is losing 0.16%.
The macro calendar for Tuesday's trading session on the Old Continent is empty, with the only interesting reading being US oil inventories. Investors' attention was also captured by Hungary's CPI inflation reading, which turned out to be the highest since 1998 (current: 13.7% y/y, forecast 13.1% y/y, earlier 11.7% y/y).
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DE30 index chart, H4 interval. The benchmark German blue chips are seeing declines today and are testing the support set by the 50% Fibo retracement. From a technical point of view, should the zone of the previously mentioned retracement be overcome, we can consider the 50-period exponential moving average (blue curve) as key support levels. On the other hand, we can consider the level of 13,750 points as an important resistance level. Source: xStaton 5
News:
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Continental AG (CON.DE) presented its results today. The automotive company reported a large loss in the second quarter of 2022. The net loss amounted to €251 million compared to the €545 million profit posted a year ago and the Refinitiv consensus of €294 million (profit). High prices for materials, energy and high logistics fees were cited as reasons for the loss.
Continental AG's (CON.DE) second-quarter results. Source: Bloomberg
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High demand for air travel is supporting Fraport (FRA.DE), which raised its profit forecast. Pre-tax profit is expected to be between €400 million and €520 million, compared to earlier forecasts of between €320 million and €440 million.
Analyst's action:
Warburg Research maintained a "buy" rating on shares of Rheinmetall (RHM.DE). However, the target price was lowered from €240 to €211.
The largest percentage changes of companies included in the DAX index. Source: Bloomberg
The most active stocks in the DAX index (DE30). Source: Bloomberg
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