DE30: DAX extends declines and struggles to hold important support

• DE30 extends downward momentum
• Siemens Energy sees demand for 'green' transformation
• Attention focused on US macro data and debt limit topic

This week's final trading session on European markets mainly brings a continuation of the mixed sentiment recorded in recent sessions. The German DE30 is extending the downward momentum and is currently attempting to break through the support set by the 50-day exponential moving average (blue curve in the chart below). Investors' attention today will focus primarily on two factors: a) the latest updates vis-à-vis the debt limit topic b) incoming data from the US (including PCE inflation; American spending and income; and durable goods orders). 
 

The mood in Europe during Friday's trading session is relatively mixed. Sentiment is mainly supported by semiconductor and AI companies, which are gaining on the wave of Nvidia's earnings release; however, Nvidia-based ADRs alone are currently losing close to 3%.  Source: xStation 5

News: 

ProSieben (PSM.DE) shares are losing nearly 1% today following the publication of weaker-than-expected quarterly results. Adjusted EBITDA came out at EUR 53 million, down 53% year-on-year. Analysts' forecast was for adjusted EBITDA of EUR 82.5 million. Adjusted net loss was €15 million against a net profit of €38 million reported a year ago. The company reaffirmed its full-year forecasts, which slightly reduced the scale of the sell-off.

Detailed results presented by the company. Source: Bloomberg

ProSieben (PSM.DE) share chart, D1 interval. At the moment, the company's shares are testing the lower limit of the upward channel marked on the chart. Source: xStation 5 

Oddo BHF downgraded the shares of Suedzucker (SZU.DE) to an "underperform" rating from an earlier "neutral" rating. Target price at €16. 

Siemens Energy AG (ENR.DE) is seeing an increase in demand for green transformation technologies, according to Maria Ferraro, the company's CFO. Moreover, the company is considering launching hydrogen electrolysers and wind turbine projects in the USA, thus benefiting from preferential subsidies in that country (President BIden's Anti-Inflation Act). The company's shares are currently up nearly 0.3%.

Major percentage changes and information from individual companies in the DAX index. Source: Bloomberg

Changes in institutional holdings in individual companies of the DAX index (data from the last session). Source: Bloomberg

DE30 chart

Futures based on the German DAX index (DE30) are extending the downward wave and attempting to break out below the 50-day exponential moving average (blue curve). Source: xStation 5