Overall market situation:
European stock markets are relatively weak after a five-week run of gains, as a surprising downgrade of the US credit rating and weak economic data from China have affected investor sentiment. The German DAX is currently down 0.05% on the cash market, while the French CAC40 is down 0.73%. The momentum behind these corrective moves is therefore not yet excessive.
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Distribution of today's European company returns. Source: xStation
The German DE40 is down 0.31% intraday. The contract is holding above the 50-day EMA (blue line) and is completely erasing the declines that started in late March. From a technical perspective (exponential EMA), the DE40 is resuming its uptrend. Today's slight declines do not violate the technical indications of the long-term trend. Source: xStation
News:
E.ON (EOAN.DE) shares are up 1.8% after HSBC raised its target price on the German utility to 17.7 euros from 16.4 euros a share, saying regulatory catalysts should restart growth and accelerate the pace of new investments.
Luxury goods stocks fell after retail sales data from China, a key market for the sector, fell short of analysts’ expectations for April. Hermes (RMS.FR), Burberry (BRBY.UK) and Moncler (MONC.IT) all fell between 2% and 6%.
Source: xStation
Volkswagen (VOW1.DE) fell 3.5% as the German carmaker traded after cutting its dividend today.
Other news from companies listed on Germany’s Dax. Source: Bloomberg Financial LP
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