Wednesday's trading session on European markets brings moderate declines in indices. The DE30 is trading below yesterday's opening levels. The macro calendar for today is full of interesting publications. This morning we learned the German PMI reading, which came out better than expected. Today we will also learn PMI readings from the US, data on unemployment benefits, durable goods orders or UoM sentiment.
Germany
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Manufacturing: 46.7 vs. 45.0 expected (45.1 previously)
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Services: 46.4 vs 46.2 expected (46.5 previous)
The swap market is currently pricing in a near 40% chance of a 75bp rate hike at the ECB's December meeting. Source: Bloomberg
DE30 index chart, D1 interval. Benchmark German blue chips are trading at mixed levels during today's session. Source: xStation 5
Wednesday's session on the German market brings mixed valuations for most sectors of the economy. Source: Bloomberg
News:
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Today's session brings sharp declines in the stock price of Siemens Healthineers (SHL.DE). There are several reasons for the sell-off, not the least of which are: a) a recommendation cut by Jefferies due to weak earnings prospects next year, and b) the sale of €1 million worth of the company's shares by the company's CFO.
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The shares of wind farm company PNE (PNE3.DE) are gaining nearly 10% today on the back of an upgraded recommendation from Baader Bank.
The largest percentage changes of companies included in the DAX index. Source: Bloomberg
The most active stocks in the DAX index (DE30). Source: Bloomberg
