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DE30 bounces off 15,750 pts support zone

12:48 PM 5 September 2023
  • European stock market indices trade mixed
  • DE30 bounces off 23.6% retracement
  • Commerzbank drops after Barclays downgrade

European stock market indices are trading mixed today, although the scale of moves is rather small. German DAX trades 0.2% lower, French CAC40 drops 0.3% while UK FTSE 100 gains 0.2%. It should be noted that a bulk of the losses have already been recovered. Release of final services PMIs for August this morning did not trigger any major reaction on European stock markets. German services PMI was confirmed at 47.3 as hinted by flash release.

Source: xStation5

DE30 (DAX futures) failed to break above the 50% retracement of the downward impulse, launched at the end of July 2023, in the second half of the previous week and a pullback began. However, declines were halted after reaching 23.6% retracement this morning and an attempt to launch a recovery move.  The near-term resistance can be found at 15,860 pts swing level, followed by resistance zone ranging below 38.2% retracement (15,930 pts area).

Company News

Christian Sewing, CEO of Deutsche Bank (DBK.DE), struck an upbeat note on the bank's trading business in an interview with NZZ. Sewing said that while the trading business is operating at a good level, there is still some room for improvement. Sewing also said that a stronger focus will be put on advisory and commission business in the investment banking unit.

According to a Business Insider report, Lockheed Martin, manufacturer of F-35 jet fighters, is entering into an agreement with Rheinmetall (RHM.DE) and Lufthansa (LHA.DE) for maintenance of F-35 jets in Germany. 

Analysts' actions

  • Siemens Healthineers (SHL.DE) upgraded to 'buy' at HSBC. Price target set at €56.00
  • Commerzbank (CBK.DE) downgraded to 'underweight' at Barclays. Price target set at €10.80
  • Fresenius (FRE.DE) downgraded to 'hold' at HSBC. Price target set at €33.00
  • Vonovia (VNA.DE) upgraded to 'equal-weight' at Morgan Stanley. Price target set at €23.00

Commerzbank (CBK.DE) is pulling back following a downgrade at Barclays. Stock is breaking below the €10.00 support zone and below the 200-session moving average (purple line). Should bears remain in control, a test of the near-term support in the €9.40 cannot be ruled out. Source: xStation5

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