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Exchanges from the Old Continent record declines
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Porsche AG's IPO fuels growth in the automotive sector!
Tuesday's trading session on the Old Continent brings declines in most benchmarks. The DE30 is currently losing nearly 0.8%, the FRA40 is losing 0.9%, and the EU50 is off 0.7%. Germany's PPI inflation on a monthly basis rose 7.9% in August against forecasts of 1.5% m/m. On an annual basis, inflation jumped 45.8% vs. forecasts of 37.5% y/y.
Other readings:
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Source: XTB
The swap market is currently pricing in a near 86% chance of a 75bp rate hike at the ECB's October meeting. Source: Bloomberg
DE30 index chart, D1 interval. The benchmark of German blue chips is trading down today and descending towards local September lows. Source: xStation 5
Tuesday's session on the German market brings declines in the valuations of most economic sectors. Companies in the real estate and financial sectors are currently doing worst. Discretionary goods are behaving slightly better.
Despite today's sell-off, car companies are doing relatively well, benefiting from today's launch of the Porsche AG share subscription.
Real estate companies are doing poorly, reacting poorly to interest rate hikes by major central banks.
Bank recommendations:
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Credit Suisse raised its rating on Deutsche Boerse (DB1.DE) to "outperform" from "neutral." Target price at €200, previously was €178.
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HSBC raises its target price for Siemens AG (SIE.DE) shares to €105 from €100 previously.
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Barclays raises Fraport (FRA.DE) shares to an "overweight" rating from an earlier "underweight." Target price at 56 euros (previously 52 euros).
Changes in the institution's holdings in individual companies of the DAX index (data from the last session). Source: Bloomberg
The largest percentage changes in the companies included in the DAX index. Source: Bloomberg
The most active stocks in the DAX index (DE30). Source: Bloomberg
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