DE30: DAX returns to the area of key support!

• Markets in Europe weaken in anticipation of macro readings from the US

• European services PMI data show no common direction

• Shop Apotheke gains after financial results

Wednesday's session on European stock markets brings relatively mixed sentiment among investors. Markets are focusing on macro data readings at the moment, in particular the ADP and ISM readings for services. The ADP data indicated a sharp decline in employment in the U.S. economy, which significantly dampens the chances of a hawkish turn by the Fed at the May FOMC meeting. Attention now shifts to the ISM, which will show what the mood is in the services sector. European PMI data for the service sector turned out to be relatively mixed. 

• Spain: 59.4 vs. 57.5 expected (56.7 previously)

  Italy: 55.7 vs. 53.0 expected (51.6 previously)

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  France (final): 53.9 vs 55.5 in the first release (53.1 previously)

  Germany (final): 53.7 vs 53.9 in first release (50.9 previously)

  Eurozone (final): 55.0 vs. 55.6 in the first release (52.7 previously)

The mood in Europe during Wednesday's trading session is relatively mixed. Source: xStation 5

News: 

Societe Generale raised its recommendation on Siemens AG (SIE.DE) shares to a "buy" rating from its previous "hold" rating. The target price was set at 185 euros, up 25% from the target price previously proposed. The company's share prices are currently trading near 1.3% declines. 

The shares of Shop Apotheke (SAE.DE) are gaining more than 9% during today's session and have broken out above levels not seen since August 2022. The reason for such dynamic rallies is the publication of preliminary results for the first quarter. According to analysts at Hauck & Aufhaeuser, the company is on track to increase its market share against competition from Zur Rose.

Source: Refinitiv

Nordex (NDX1.DE) will issue unsubordinated, unsecured green convertible bonds maturing on April 14, 2030 in an aggregate principal amount of about €350 million with a denomination of €100,000 each, the release said. The company's shares are currently losing nearly 6.5%.

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 lower today and are once again testing the region of support levels set by recent local peaks (15,700 points). Source: xStation 5