- European indices failed to extend rebound after Monday's plunge
- DE40 remains below the 200-day EMA
- Results from Allianz, Deutsche Telekom and Siemens AG
Overall market situation:
Thursday's session on European stock markets brings declines in most stock indexes. Germany's DAX is currently losing 0.56% on an intraday basis. At the same time, France's CAC40 is down 0.98%. The attempt to rebound after Monday's plunge at this point has not been extended. Most indexes are currently trading below their 200-day exponential moving averages, which may pose a risk of negating long-term uptrends.
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Volatility currently observed in the broad European market. Source: xStation
Germany's benchmark DE40 traded nearly 0.32% higher during Thursday's session. The index broke below the key support level set by the 200-day EMA (gold curve on the chart). At the moment, the index is consolidating within this zone, and today's session alone brings a second attempt to go above this zone. If market bulls fail to take dominance over the market and close the intraday session above this zone, a further supply reaction could take the index to the region of 17,350 points, where local minima are currently located after the dynamic declines of recent days and the measure of the 38.2% Fibo of the upward channel initiated in October 2023. Source: xStation
News:
Allianz (ALV.DE) shares are gaining 1.4% in today's session, after the company reported higher-than-expected quarterly results. Operating profit for Q2 came in at €3.83 billion vs. €3.66 billion expected by analysts. Revenues for the same period totaled 42.6 billion euros (18.67 billion euros was expected). Moreover, the company communicated that its share buyback program this year will total €1.5 billion. This fiscal year, operating profit is expected to reach between €13.8 billion and €15.8 billion.
Chart of the company's stock price, D1 interval. Source: xStation
Siemens AG (SIE.DE) shares are losing 0.2% at the moment and remain in a local consolidation zone. The company's industrial profit was €3.03 billion in Q3 (estimated at €2.83 billion). Net profit was €2.13 billion (estimated €1.78 billion). Orders amounted to €19.78 billion (estimate €19.54 billion).
Company's stock chart, D1 interval. Source: xStation
Deutsche Telekom (DTE.DE) also reported its results. Its shares are gaining 2% after the company reported Q2 2024 adjusted EBITDA of €10.82 billion versus expectations of €10.74 billion. Revenues were €28.39 billion (estimated €27.94 billion).
Other news coming from individual companies in the DAX index. Source: Bloomberg Financial LP
