CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

DE40 bounces off the 18,375 pts support, Porsche jump 4%

10:15 10 July 2024
  • European indices trade higher
  • DE40 bounces off the 18,375 pts support zone
  • Porsche gains after call with analysts

European stock market indices trade higher on Wednesday, in spite of a mixed trading during the Asia-Pacific session earlier today. German DAX gains 0.5%, UK FTSE 100 and French CAC40 add 0.4% while Dutch AEX trades 0.3% higher. Economic calendar for the European morning today is empty, but markets may get more volatile in the afternoon, when Fed Chair Powell appears in Congress for the second day of semi-annual testimonies (3:00 pm BST). However, as text of testimony will remain unchanged compared to yesterday, surprises may come only from the Q&A session.

Source: xStation5

Start investing today or test a free demo

Open account Try demo Download mobile app Download mobile app

German DAX is trading higher today, extending rebound off a recent double bottom painted in the 18,375 pts area. Taking a look at DE40 chart at H1 interval, we can see that the aforementioned 18,375 pts area is marked with a number of important technical supports. Apart from previous price reactions, one can also find an upward trendline, 50% retracement and the lower limit of the local market geometry there. Note that 14-period RSI indicator dropped below 30 points mark, often associated with local lows (orange circles), and is rebounding from there. All of these combined make technical outlook favourable for bulls. Should the current recovery move continue, the first near-term resistance zone can be found in the 18,500 pts area, where 200-period moving average and 38.2% retracement can be found. A key resistance zone to watch in the near-term is 18,800 pts area, marked with recent highs.

Company News

Volkswagen (VOW1.DE) is trading lower today after cutting margin forecast for this year. Company now expects operating margin of 6.50-7.00% this year, down from previous 7.00-7.50% forecast. Move was driven by lower demand for Audi brand cars due to a sharp drop in demand for high-end EVs. Moreover, Volkswagen said that it may also close its Audi factory in Brussels.

Porsche (P911.DE) gains 4% today in response to yesterday's call with analysts, during which company executives showed strong sales to car dealers in Q2 and hinted improvement in business in Q2 compared to Q1.

Yonhap News reports that Baemin delivery app, owned by subsidiary of Delivery Hero (DHER.DE) and holding an around 60% market share in South Korea's food delivery app market, will boost commission fee for restaurants from 6.8 to 9.8% of food prices, starting from August.

Evotec (EVT.DE) is trading over 3% higher today. Company announced that it has entered into a multi-year research and licence agreement with Pfizer. However, analysts note that the deal will not have a big financial impact, although it contributes to positive sentiment around the company.

Analysts' actions

  • Lufthansa (LHA.DE) downgraded to 'underweight' at Morgan Stanley. Price target set at €6.50
  • Hugo Boss (BOSS.DE) downgraded to 'equal-weight' at Morgan Stanley. Price target set at €45.00
  • Covestro (1COV.DE) downgraded to 'equal-weight' at Barclays. Price target set at €61.00
  • Bechtle (BC8.DE) rates 'overweight' at Cantor. Price target set at €51.00
  • Sartorius (SRT.DE) rated 'buy' at Nephron Research. Price target set at €294.00

Porsche (P911.DE) rallies 4% today and tests 50-session moving average (green line). Stock trades at the highest level since June 7, 2024. Source: xStation5

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

Back
Xtb logo

Join over 1 Million investors from around the world

We use cookies

By clicking “Accept All”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.

This group contains cookies that are necessary for our websites to work. They take part in functionalities like language preferences, traffic distribution or keeping user session. They cannot be disabled.

Cookie name
Description
SERVERID
userBranchSymbol cc 2 March 2024
adobe_unique_id cc 1 March 2025
test_cookie cc 1 March 2024
SESSID cc 9 September 2022
__hssc cc 1 March 2024
__cf_bm cc 1 March 2024
intercom-id-iojaybix cc 26 November 2024
intercom-session-iojaybix cc 8 March 2024

We use tools that let us analyze the usage of our page. Such data lets us improve the user experience of our web service.

Cookie name
Description
_gid cc 9 September 2022
_gat_UA-22576382-1 cc 8 September 2022
_gat_UA-121192761-1 cc 8 September 2022
_ga_CBPL72L2EC cc 1 March 2026
_ga cc 1 March 2026
AnalyticsSyncHistory cc 8 October 2022
af_id cc 31 March 2025
afUserId cc 1 March 2026
af_id cc 1 March 2026
AF_SYNC cc 8 March 2024
__hstc cc 28 August 2024
__hssrc

This group of cookies is used to show you ads of topics that you are interested in. It also lets us monitor our marketing activities, it helps to measure the performance of our ads.

Cookie name
Description
MUID cc 26 March 2025
_omappvp cc 11 February 2035
_omappvs cc 1 March 2024
_uetsid cc 2 March 2024
_uetvid cc 26 March 2025
_fbp cc 30 May 2024
fr cc 7 December 2022
muc_ads cc 7 September 2024
lang
_ttp cc 26 March 2025
_tt_enable_cookie cc 26 March 2025
_ttp cc 26 March 2025
hubspotutk cc 28 August 2024

Cookies from this group store your preferences you gave while using the site, so that they will already be here when you visit the page after some time.

Cookie name
Description
personalization_id cc 7 September 2024
UserMatchHistory cc 8 October 2022
bcookie cc 8 September 2023
lidc cc 9 September 2022
lang
bscookie cc 8 September 2023
li_gc cc 7 March 2023

This page uses cookies. Cookies are files stored in your browser and are used by most websites to help personalise your web experience. For more information see our Privacy Policy You can manage cookies by clicking "Settings". If you agree to our use of cookies, click "Accept all".

Change region and language
Country of residence
Language