DE30: DAX knocks out local peaks!

• Old Continent mixed ahead of US PCE reading

• DAX breaks out above local resistance zone

• Jungheinrich shares under pressure on weak forecasts for 2023

This week's last trading session on markets from the Old Continent brings mixed sentiment among investors, who are awaiting the PCE inflation reading from the US. Nevertheless, the German DE30 index broke above the 15,700-point level and overcame the resistance set by recent local peaks. Investors today got to know the inflation reading from the Eurozone, which, although it showed a decline in the core reading, so against core inflation we will still see strong sustaining pressure. 

Eurozone

• Headline rate: 6.9% YoY vs. 7.1% YoY expected (8.5% YoY previously)

• Core indicator: 5.7% YoY vs 5.7% YoY expected (5.6% YoY previously)

The mood in Europe during this week's last trading session is relatively mixed. Companies in the fuel, banking and semiconductor sectors are clearly performing poorly. Source: xStation 5

Shares of Jungheinrich (JUN3.DE) are losing 7% in the face of weak earnings forecasts for 2023, which overshadowed strong results for the end of 2022. Analysts note that the company's margins may be under pressure this year due to the resurgence of price pressures. 

Source: Bloomberg

Lufthansa (LHA.DE) shares are gaining nearly 3% today on the back of an agreed business plan with ITA Airways, the Italian airline that the German carrier is set to partially acquire. The plan calls for the development of ITA Airways' fleet, network and strategic goals, and was discussed by Italian Finance Minister Giancarlo Giorgetti. According to preliminary information, Lufthansa is seeking to buy up to 40% of ITA, with the two parties still negotiating its value. Daily Corriere della Sera reported that the stake could be worth between €200 million and €250 million. 

Nordex (NDX1.DE) shares are losing nearly 3% today following the release of the company's report, which noted a drop in orders and a larger net loss compared to a year ago. As Jefferies analysts added, the report did not surprise with anything positive. 

Source: Bloomberg

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

The largest 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 moderately up today and are climbing above resistance levels set by peaks in the 15,700-point zone. Source: xStation 5