DE30: DAX extends weekly gains

• DAX extends gains after yesterday's CPI reading

• Old Continent awaits Wall Street bank earnings releases

• German GDP for 2022 comes out better than expected

Friday's trading session on markets from the Old Continent brings a continuation of the bullish momentum sustained for a week. Now investors are eagerly awaiting the results of U.S. banks to kick off the Q4 2022 earnings season. Germany's DAX is posting moderate gains today and has broken above the 15,150-point barrier.

Data:

The German Federal Statistical Office released Germany's full 2022 GDP data today at 10:00 a.m. This was the first preliminary publication of 2022 GDP and it came as a positive surprise. The German economy grew at a rate of 1.9% in 2022, better than the 1.8% expected by the market, but slower than the 2.6% recorded in 2021.

Investor sentiment on the Old Continent is positive. The majority of companies are currently posting gains. Source: xStation 5

Company news and bank recommendations:

JP Morgan:

• Daimler Truck (DTG.DE) with a "buy" rating. Target price at €48

  BMW (BMW3.DE) with a "neutral" rating. Target price raised from €90 to €95

Goldman Sachs:

• BASF (BAS.DE) with a "neutral" rating. Target price at 53 euros, previously 54 euros

  Daimler Truck (DTG.DE) with a "buy" rating. Target price at 42 euros

  Zalando (ZAL.DE) with a "buy" rating. Target price at 42 euros

  Adidas (ADS.DE) with a rating of "neutral." Target price at €137

  Puma (PUM.DE) with a "buy" rating. Target price at 96 euros

DE30 chart:

DE30 futures are trading today near yesterday's closing levels. Yesterday's U.S. CPI report, despite initial volatility, propelled the mood of the demand side upward. During today's session, it is likely to react to the results of Wall Street banks. Source: xStation 5