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DE30 records declines
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Significant rise in PPI inflation in Germany
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Real estate, banks and automotive among the biggest losers of today's session
The mood on the German stock market deteriorated in the last session of the week. Markets continue to assess what interest rate hikes we can expect in the future. Yields on US 10-year notes jumped nearly 2% mid-day. The DE30 is currently losing 0.86%,and the FRA40 is off 0.63%.
The calendar for today is relatively empty. In the German market, we learned the PPI inflation reading, which surprisingly rose at a record pace to 37.2% y/y (forecast at 32% y/y; previously 32.7% y/y). ECB members hinted at a second major rate hike at their next meeting in September.
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DE30 index chart, H4 interval. The benchmark German blue chips are seeing moderate declines today and are heading towards the barrier set by the 50% Fibo retracement. We can locate the next support levels in the area of 13,450 (reinforced by the 50-day exponential moving average. Local resistance remains the 13,750-point zone. Source: xStation 5
News:
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Concerns about further rate hikes hit companies in the travel, banking and automotive sectors today, which are reacting strongly to the potential specter of a strong recession.
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Source: Bloomberg
Analyst action:
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Hypoport (HYQ.DE) downgraded to "sell" by Bankhaus Metzler. Target price set at 200 euros.
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
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