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German PPI inflation surprises with low reading
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Deutsche Bank (DBK.DE) plans to cut staff and deplete the number of board members
Today's session on European markets brings a marked weakening of investor sentiment. The DAX is currently trading close to 1% down and has broken out of regions not seen for over a week. Investors' attention is invariably focused on the results presented by companies in Europe and the USA. Investor sentiment was also not helped by a significantly lower-than-expected PPI inflation report in Germany. The macro calendar for today is mainly focused on macro data from the USA.
The mood in Europe during Thursday's trading session is clearly negative. Source: xStation 5
News:
Sartorius Stedim (DIM.DE) is trading down nearly 7.5% today following the publication of worse-than-expected results for Q1 2023. The company's management still expects a moderate increase in sales revenue for the full year and a profit margin level at last year's level. The company has reaffirmed its forecast for the full year 2023, although the economic environment in the industry is currently extremely uncertain. The company is still primarily burdened by high costs and the normalization of demand.
Source: Bloomberg
Deutsche Bank (DBK.DE) plans to cut staff numbers in infrastructure and private banking and deplete the number of board members to nine from 10 to spur extensive cost-saving measures at the bank. One of Germany's key banks is due to report its quarterly results as early as 27 April. Reuters sources report that the process is expected to bypass the case of Karl von Rohr, the former deputy chairman of the board, who will cease to hold the position from October. The bank's shares are currently losing nearly 0.5%.
Warburg Research downgraded the shares of Adidas (ADS.DE) to a 'hold' rating from an earlier 'buy'. The rating was issued ahead of the publication of the company's quarterly results. Warburg also lowered the company's target price to €170 per share from its previous target price of €175.
The company is expected to report its quarterly results on 5 May. Source: Bloomberg
Changes in institutional holdings in individual companies of the DAX index (data from the last session). Source: Bloomberg
Major percentage changes and information from individual companies in the DAX index. Source: Bloomberg
DE30 chart
Futures based on the German DAX index (DE30) are trading down sharply today and are going down to weekly lows. Source: xStation 5
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