DE30 pulls back from short-term resistance

SAP

Stocks

SAP.DE, SAP SE

Hugo Boss

Stocks

BOSS.DE, HUGO BOSS AG

European indices trade higher on Tuesday
DE30 bounced off resistance at 12950 pts
Adidas AG (ADS.DE) plans to end partnership with Kanye West

DE30 failed to uphold early gains and fell 0.8% on Tuesday after the Ifo survey showed a fall in business morale and warned the German economy would face a difficult winter. The quarterly earnings season for Europe's major banks started Tuesday, with UBS posting a 24% profit slide but beat market forecasts. On the other hand, shares of HSBC were down around 6% after the bank reported a 42% fall in third-quarter pretax profits.

DE30 again failed to break above major resistance at 12950 pts, which coincides with 38.2% Fibonacci retracement of the downward wave launched in June 2022. If sellers manage to uphold control, support at 12520 pts may be at risk. Source: xStation5

Shares of basic materials, real estate, and energy were the worst performers while tech shares gained almost 2%, prompted by upbeat earnings reports. Source: Bloomberg

Company news:

Adidas AG (ADS.DE) plans to end its cooperation with Ye, formerly known as Kanye West, following his recent comments which some view as offensive, according Bloomberg

Adidas (ADS.DE) stock fell over 70.0% from its 2021 highs. This month price broke below major support at €112.80 which coincides with 78.6% Fibonacci retracement of the upward wave started in October 2014 and 200 SMA (red line). If current sentiment prevails, downward move may accelerate towards local support at €93.85, where highs from December 2013 are located. Source: xStation5

SAP (SAP.DE) stock rose over 4% after the company reported faster-than-expected revenue growth for the third quarter.
Frasers (FRAS.UK) announced yesterday it now has a strategic stake of 32.8% in Hugo Boss (BOSS.DE), mostly held through indirect put options, valued at €960 million ($945 million). That’s up from €900 million in June.

DAX biggest market movers. Source: Bloomberg

The most active stocks listed on the DAX index (DE30). Source: Bloomberg

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DE30 pulls back from short-term resistance

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