- Micron's weak outlook drags European 'Big Tech' stocks down
- Volkswagen with potential restructuring agreement
Thursday's session on European financial markets is marked by declines in most stock market indices, as a direct result of the reaction to yesterday's decision and the Fed's conference. The German DAX is currently losing 1%, while the French CAC40 is down 1.04% and the British FTSE100 is down 1%. Investors' attention today turns to company news and central banks' interest rate decisions.
Volatility currently seen in the broader European market. Source: xStation
Germany's DE40 index is extending its downward momentum from record levels, after a hawkish Fed cooled the optimism of investors that until recently had fueled dynamic gains on the index. The RSI has left the overbought zone and is trending downward, suggesting waning upward momentum. For bears, regaining control requires retesting the October maximum at 19,783. A decisive break below this level could accelerate the overall downtrend. For bulls, the key resistance remains the level of the historical peak at 20,566. Source: xStation
News
Volkswagen AG (VOW1.DE) and union leaders are nearing a deal to restructure the company without closing factories in Germany, according to people familiar with the matter, Bloomberg reported.
According to early indications, management is willing to keep the factories and reinstate labor safety agreements until 2030 in exchange for workers giving up bonus payments. The company's shares are gaining nearly 0.3% in today's session.
Slightly better sentiment was evident today on shares of Nemetschek (NEM.DE), in the face of upbeat comments from Baader Helvea, which raised the German company's rating to “buy” from its previous “reduce” rating. The institution's new target price was set at €118, up from the previous €94.
The technology sector is dominated by declines today in the face of weak financial results from Micron (MU.US). The company's shares lost 15% yesterday after the market close amid falling demand in key product categories such as smartphones and personal computers.
Shares of companies such as ASML (ASML.NL) and Infineon (IFX.DE) are losing nearly 3.5% today in the face of Micron's weak data. Source: xStation
Other news from individual companies in the DAX index. Source: Bloomberg Financial LP
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