DE30 tries to break above the 13,450-point barrier

• DE30 tries to break above the 13,450-point barrier

• Slightly weaker GDP data in Germany

• Good results from Amazon (AMZN.US) support Zalando (ZAL.DE) share prices

Market sentiment during this week's last trading session on European trading floors is positive. Germany's DE30 is up 1.14%, France's FRA40 is up 1.29%, and Poland's W20 is up 1.75%.

On today's macroeconomic calendar, investors' attention was drawn to Germany's unemployment rate and GDP readings, as well as Eurozone GDP. The reading from Germany came as a negative surprise, being the only one to show a result below forecasts against other economies. Eurozone GDP grew by 0.7% k/k vs. forecasts of 0.2% k/k. The earlier reading of 0.5% k/k. In the US, investors' attention is focused on PCE readings, spending and income of Americans, as well as inflation expectations and Michigan sentiment. 

Q2 GDP reports from European countries:

• France: 0.5% k/k vs. expected 0.2% k/k

• Spain: 1.1% k/k vs. expected 0.4% k/k

• Italy: 1.0% k/k vs. expected 0.3% k/k

• Germany: 0.0% k/k vs. expected 0.1%

DE30 index chart, H4 interval. The blue-chip benchmark is posting gains today and breaking out above the 200-period exponential moving average (golden curve). From a technical point of view, the closest supports are the previously mentioned EMA 200, as well as the EMA 100 (purple curve) and EMA 50 (blue curve). The psychological level of 13,000 points also remains an important point. The most important resistance invariably remains the 13,450-point zone, which the DAX is approaching. Source: xStaton 5

News:

• Siltronic (WAF.DE) shares are gaining more than 5% today on the back of an increase in sales forecasts for 2022 and revenue growth in Q2. The German chipmaker raised sales growth forecasts to 21-27%, compared to previous forecasts of 15-22%. Sales revenue rose 30% to €442.2 million in Q2, and EBITDA rose 36% to €147.0 million. The company's shares are trading at monthly highs today. 

• Yesterday's reading of Amazon's (AMZN.US) upbeat financial results today supports valuations of Zalando's (ZAL.DE) shares, which are currently jumping more than 8%. Zalando will release its results on August 4, 2022.

Analyst's action: 

• Hapag Lloyd (HLAG.DE) with a recommendation raised to "hold" by HSBC. Target price at €300. 

• Fresenius SE (FRE.DE) with recommendation downgraded from "buy" to "hold" by DZ Bank. Target price at €26. 

The largest percentage changes of the companies included in the DAX index. Source: Bloomberg

The most active stocks in the DAX index (DE30). Source: Bloomberg