- DAX falls by nearly 0.8%
- At 1 p.m. BST reading of preliminary CPI data for May
- Siemens Energy AG (ENR.DE) considers cutting 4,100 vacancies
Overall market situation:
Wednesday's session on the European stock indices brings relatively significant declines. The German DAX is already down by almost 0.9% (in spot trading). The situation is much worse on the French CAC40, which loses 1.15%. The dynamic rebound in US yields, fuelled by the hawkish stance of Fed bankers, is spoiling sentiment in Europe. For the moment, investors' attention turns to the CPI reading from Germany, which will be published at 01:00 pm BST.
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Create account Try a demo Download mobile app Download mobile appThe previously reported data from the individual Länder unfortunately did not make it possible to determine what the outcome of the aggregate reading might be.
European companies traded lower during Wednesday's trading session. Source: xStation 5
Volatility currently observed in the DAX index. Source: Bloomberg Financial LP
The German benchmark DE40 is down nearly 0.65% during today's session. The index continues to hold within the structure of the downtrend initiated on 16 May (it was breached yesterday, however). In the medium term, the continuation of the downtrend may create room to test the historically important support level in the zone of the 50-day exponential moving average (blue curve on the chart). Whether the DE40 breaks out below the 18,600-point zone currently being tested could prove crucial in this aspect. Locally, the most important resistance all along remains the historical peak at 19,000 points. Source: xStation 5
News:
Schaeffler AG (SHA.DE) shares gained as much as 4.2% today, as Citi analysts reinstated their buy recommendation on the company's shares. However, the increases have now been almost completely erased. The target price was set at € 8.10.
Source: xStation
Siemens Energy AG (ENR.DE) is considering cutting 4,100 jobs at its troubled Gamesa wind turbine unit. The company has started negotiations on restructuring measures for Gamesa, but will only announce the outcome of the talks once the details have been discussed with all parties involved. The company's shares are currently losing 1.5%.
Morgan Stanley downgrades Delivery Hero (DHER.DE) to ‘equal-weight’ due to continued pressure on margins and increased competition in the Saudi market. The stock is losing 3% today.
Source: xStation
Other incoming news from individual companies of the DAX index. Source: Bloomberg Financial LP
