DE30: European equity markets mixed ahead of US PMI reading

• Stock markets from the Old Continent mixed ahead of US PMI readings

• ZEW sentiment surprises to the upside

• Shoe maker of Nike and Adidas brands lays off 6,000 workers amid falling demand

Tuesday's trading session on European markets brings moderate declines in stock market valuations. PMI data from the major economies and the ZEW sentiment index surprised positively, with readings above expectations. However, sentiment continues to be weighed down by weak sentiment in the industrial sector. The macro calendar for today focuses primarily on the US services and manufacturing PMI readings.

ZEW:

Source: Bloomberg

Investor sentiment on the Old Continent deteriorated during Tuesday's session. Most European companies are currently experiencing moderate declines.  Source: xStation 5

Company news and bank recommendations: 

• Deutsche Boerse (DB1.DE) shares are trading down nearly 1.1% today on the back of a downgraded recommendation from Jefferies, which cut its recommendation to "hold" from an earlier "buy". The reason is the mixed earnings outlook for 2024-2025, with a target price of €190.

• Vietnam's Pou Chen Corp, which is the world's largest manufacturer of athletic shoes, plans to lay off nearly 6,000 workers at its Ho Chi Minh plant due to weak demand. A total of 50,500 people currently work for the company. FIrma makes footwear for the Adidas and Nike brands. 

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

DE30 chart:

DE30 futures record moderate declines on Tuesday. Source: xStation 5