DAX: DE40 executes 1:1 correction; Zalando drops nearly 3%

• DAX (DE40) futures lose 0.3%, vast majority of stocks record declines
• Meuchener, Zalando, Bayer and Heidelberg Materials lead the declines
• Another weak macro data from Germany, financial markets fear oil market rally

Today's session on the German stock market is being dictated by sellers, while investors in Europe are waiting for Wall Street to open. German industrial orders rose 0.2% vs. 0.7% forecast and -11.4% drop previously. Import prices fell -0.2% in February versus 0% forecast and 0% previously. On an annual basis, prices fell -4.9% vs. -5.9% previously

Source: xStation5

DE40 (H1 interval)

The DE40 index is trading down slightly today, but failed to recover from yesterday's sell-off. If the scenario of a 1:1 correction were to be realized, a test of the vicinity of 18500 points is not excluded, where a more intense battle between supply and demand could play out.

Source: xStation5

Company news

• Volkswagen (VOW1.DE) subsidiary Volkswagen Group of America Finance LLC will pay $48.8 million to the U.S. Securities and Exchange Commission for under-emission systems installed in cars. The company sold bonds and other securities without disclosing that its cars used "limiting devices" to hide emissions from at least 2007 to 2015, according to the SEC.
• The chairman and manager of activist fund Sachem is to build a stake in Delivery Hero. The Sachem Head Capital Management fund yesterday disclosed a 3.6% position in Delivery Hero SE (DHER.DE) and may seek representation on the German company's board, according to people familiar with the matter, quoted by Bloomberg. The fund's chairman sees the company's operating performance and share price as disappointing compared to its peers, the anonymous sources said. Delivery Hero's key shareholder is Prosus NV, which owns about 30%, according to its latest 2023 annual report. Prosus is reportedly seeking succession of its representative to Delivery Hero's board. Delivery Hero shares are losing 3% today, erasing part of yesterday's 14.5% rally.
• Analysts at Pareto Securities lowered their recommendation for Encavis AG to "hold" from "buy." Target price of €17.5 per share