DE30: DAX trades higher at the start of the week

• Bullish week opening in Europe

• Deutsche Bank drags other banks up

• Jefferies raises forecasts for Salzgitter and HeidelbergCement

The first trading session in Germany this week brings clear rises in the shares of the largest companies listed on Deutsche Börse. Investors' attention is primarily focused on the shares of Deutsche Bank (DBK.DE), which are gaining more than 4.4 per cent today and erasing some of the declines from the recent wave of selling driven by the company's gaining CDS. Investors' attention today is primarily focused on speeches from BoE, ECB and Fed bankers. 

Data from the Ifo institute came in better than expected, with the headline business sentiment index coming in at 93.3 points (91.0 was expected). The current conditions sub-index came in at 95.4 points against 94.1 expected, while the expectations sub-index came in at 91.2 points against 88.3 expected.

IFO business sentiment index for March: 93.3 vs 91 expected (91.1 previously)

• Expectations: 91.2 vs 88.3 expected (88.4 previously)

• Current conditions: 95.4 vs 94.1 expected (93.9 previously)

The mood in Europe during this week's first trading session is clearly positive. Growth is being driven primarily by the shares of Deutsche Bank (DBK.DE). Source: xStation 5

• The shares of Salzgitter (SZG.DE) are gaining more than 6.6% today on the back of increased sales forecasts for 2023. The company added that it is confident about the business backdrop in 2023.

Source: Bloomberg

• Jefferies raised its target rating on shares of HeidelbergCement (HEI.DE) to "buy" from its previous "hold" rating. The company's cost/margin background was cited as the main reason for the good rating. Target price at €96.9 per share (previously €61.3 per share). 

• Optimism in the wind turbine sector encouraged HSBC to raise its outlook for Siemens Energy (ENR.DE). The bank changed its rating on the company's shares to 'buy' from the previous 'hold' and raised its target price to €24 from the previous €19. The company's shares are currently gaining nearly 4.49%.

• German public transport and airports are under pressure today due to a nationwide strike by workers. Verdi unions are demanding a 10.5% pay rise for public sector workers. Frankfurt airport is closed today. 

Germany has reached agreement with the European Union on a landmark regulation that requires new cars to be carbon neutral by 2035. The government in Berlin said it had received key assurances that the EU regulation would be technology-neutral. 

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

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

DE30 chart

The mood on the German equity market improved at the start of the new week. DE30 contracts are currently testing the resistance set by the 78.6% Fibo retracement. Source: xStation5