De40: European indices gain, Porsche to be excluded from the DAX 📌

European indices are rebounding on Thursday in the first part of the day. Gains are driven by doubts over Trump’s trade policy following the recent court ruling.

Donald Trump’s administration on Wednesday asked the U.S. Supreme Court for a fast-track review to uphold his far-reaching tariffs. On August 29, a lower court invalidated most of the trade restrictions introduced after April 2, Liberation Day.

DAX (D1 interval)

The German index is gaining 0.60% today to 23,770 points. The rebound is important from a technical analysis perspective, as the support zone above 23,200 points (yellow zone on the chart) has been defended.

Macro summary

• Switzerland — CPI (August): Headline inflation came in at −0.1% m/m, +0.2% y/y. FSO notes that the decline was due to cheaper package holidays, additional accommodation, and air transport, partly offset by higher rents as well as clothing and footwear prices. Overall price pressures remain very subdued.
• Sweden — preliminary CPI (August) came in at −0.4% m/m, +1.1% y/y; CPIF rose to 3.3% y/y, while CPIF-XE (ex-energy) eased to 2.9% y/y. SCB highlights that core inflation cooled, even though headline inflation ticked up. Final August data will be published on September 11.
• European Union — retail sales (July) fell −0.5% in the euro area. The data indicate weaker consumption momentum compared to the upwardly revised June figures.
• Hungary — retail sales (July), calendar-adjusted, rose +1.7% y/y, slower than +3.0% in June.

Company news

• Jet2 (JET2.US) is down more than 14% after indicating that full-year operating profit will be at the lower end of the range and after cutting winter capacity due to later bookings and weak demand visibility. Following this update, other airlines such as TUI and easyJet are also losing ground.
• Volvo (VOLVB.SE) is down 0.60% after August sales fell 9% y/y to 48,029 units, with BEV sales −28%. The reading reinforced concerns about weak consumer demand and tariff pressures flagged in the previous quarter.
• Porsche (P911.DE) is up 0.40%, despite the company being excluded from Germany’s DAX to the MDAX on September 22. The reason is weak price action caused by U.S. trade restrictions and weak demand in China.
• CVC Capital (CVC.NL) is down 5.30% after H1 results came in line with expectations (profit €396m). Management fee revenues increased, but performance fees were lower.