German DAX leads gains on European stock market with DE40 futures up nearly 0.6%
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Major DAX-listed companies are posting gains of over 1%
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Preliminary May CPI inflation in Germany comes in above expectations
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Defense stocks RENK Group and Thyssenkrupp are regaining investor favor
Sentiment across European equity markets indicates an attempt to break out to the upside from the multi-day consolidation phase. However, Wall Street's mood remains more cautious, and yesterday’s rally in Nvidia shares failed to lift the broader U.S. equity market.
Among notable individual moves, Fresenius Medica, SUESS MicroTec, and Delivery Hero are under downward pressure, while Stratec shares are rebounding 5%, attempting to reverse a nearly uninterrupted downtrend that has persisted since 2021. German cloud company IONOS is also gaining ground, with its stock up 82% year-to-date.
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DAX futures have halted their downward move and resumed gains today, staying above the EMA200 on the hourly chart. Buying volume dominates, and the RSI is rebounding toward the 60 level. Inflation in Germany exceeded expectations, rising 0.2% MoM vs. 0.1% forecast, and 2.1% YoY vs. 2.0% expected. However, the DAX remained largely unaffected by the data release.
Source: xStation5
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