- European indices mostly drop during Thursday's session
- A range of corporate news from Europe
- BofA raises recommendation on Kering shares
General market situation:
Thursday's session on European stock markets is marked by moderate declines. The German DAX is currently gaining nearly 0.23% on the spot market and is one of the few benchmarks posting gains. At the same time, France's CAC40 is losing 0.53%, and Britain's FTSE 100 is down 0.31%. Investors' attention is turned today towards information coming from individual companies and GDP data from the US.
Volatility currently observed in the DAX index. Source: Bloomberg Financial LP
Volatility currently observed in the broad European market. Source: xStation
Germany's benchmark DE40 is up nearly 0.2% during today's session. The index continues to remain in the structure of the downtrend initiated on May 16. The continuation of the downward trend led to the testing of a historically important support level in the zone of the 100-day exponential moving average (purple curve on the chart, all the time it remains a key support point). Locally, the most important resistance all the time remains the zone of the 50-day exponential moving average (blue curve). The DE40 index is currently testing this zone and trying to break out above its upper limit. Source: xStation
Interestingly, a test of the zones of the previously mentioned 100-day EMA brought a clear activation on the volume side. This may indicate that we have seen a lot of activation by institutional investors in this zone. Source: xStation 5
News:
Hennes & Mauritz (HMB.SE) shares are losing nearly 12% in today's session, following the release of worse-than-expected quarterly results and a forecasted drop in sales for June.
GSK (GSK.UK) is losing nearly 6% during today's session after the U.S. CDC narrowed recommendations for all respiratory syncytial virus (RSV) vaccines and halted its recommendation for use in people under 60. The company recently began distributing Arexy, a vaccine designed to combat RSV.
Serco Group (SRP.UK) shares are gaining 4%, after the company raised its earnings forecast for the year.
In the fashion market, Kering (KER.FR), a conglomerate that brings together brands such as Gucci and Yves Saint Laurent, stands out in a big way. BofA Global raised its rating on the company's stock to "buy" from its previous "underperform" rating. The bank cites signs of early improvement in momentum around the Gucci brand. Target price at 450 euros. The stock is gaining 4% today.
Other news coming out of individual companies in the DAX index. Source: Bloomberg Financial LP
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