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DE30 tests the support set by the 100-day EMA
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ISM data for services at 03:00 pm BST
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Results including: Zalando (ZAL.DE), Merck (MRK.DE) and Infineon (IFX.DE)
European stock markets are extending declines following yesterday's better-than-expected ADP data from the US and Fitch's decision to downgrade the US credit rating. The prolonged debt market sell-off is not helping indices in Europe, with the German DE30 losing more than 0.9%.
At 03:00 pm BST, we will learn important ISM data for services, which will illustrate what the mood is in this US sector.
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The mood in Europe during Thursday's trading session is negative, nevertheless some of the declines from the beginning of the session have been erased. Source: xStation 5
German DE30 futures lost nearly 0.7% during today's session. It is worth noting, however, that the index managed to defend the support zone defined by the 100-day exponential moving average (purple curve). Source: xStation 5
News:
Zalando (ZAL.DE) shares are gaining after the company reported better quarterly results than market consensus, largely due to lower marketing costs incurred by the company.
ANNUAL FORECAST
The company expects an adjusted Ebit profit of between €300 million and €350 million. A range of between eur 280 million and eur 350 million was previously forecast, Bloomberg estimated a profit of eur 288.4 million.
Company results together with market expectations. Source: Bloomberg Finance L.P.
Beiersdorf (BEI.DE) shares are gaining 3.4% after adjusted Ebit for the first half of the year exceeded analysts' average estimates. What's more, the company raised its sales growth forecasts, organic to a range of close to 10%. The adjusted EBIT margin is also expected to be slightly higher than a year ago.
The company's results together with market expectations. Source: Bloomberg Finance L.P.
Merck KGaA (MRK.DE) is lowering its outlook for the year as the company grapples with losses in vaccine sales at Covid. The German company now expects profits excluding certain items to fall to a range of €5.8bn to €6.4bn for the year. This is down from the previous range of €6.1bn to €6.7bn and compared to the average analyst estimate of €6.16bn, according to data compiled by Bloomberg.
Company results together with market expectations. Source: Bloomberg Finance L.P.
Infineon's (IFX.DE) quarterly margin and revenue readings missed analysts' estimates as inventory levels rose, a disappointment after companies such as STMicro and ON Semiconductor signalled that demand for chips used in automotive applications remained strong.
Margins fell sequentially across all segments in the fiscal Q3, with automotive proving to be a particularly sensitive sector, where margins fell to 27.4% from 31.1% a quarter earlier.
Company results along with market expectations. Source: Bloomberg Finance L.P.
The largest percentage changes in individual companies in the DAX index. Source: Bloomberg Finance L.P.
Information from individual companies in the DAX index. Source: Bloomberg Finance L.P.
