- European indices continue the gains started on Wall Street on Friday
- Hypoport releases its Q1 2024 results
- ECB's Lane reinforces dovish sentiment around decision toward interest rates
Overall market situation:
The first trading session on European markets this week brings gains for most indices. Germany's DAX gains 0.6% on the spot market, France's CAC 40 adds 0.41% and the Euro Stoxx 50 benchmark adds 0.40%. The stock market gains today, however, did not come from the corporate side. The week began relatively quiet in terms of news coming out of individual companies. Better market sentiment during Friday's session on Wall Street strengthens the buyers' side on the Old Continent today.
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European companies traded during Monday's trading session at the time of writing, with sharp increases. Source: xStation 5
Germany's benchmark DE40 is recording 0.21% gains during today's session. The upward movement initiated two weeks ago is continuously negated in the zone of 18,430 points, where we can now see a double peak formation. However, looking at the situation in a slightly broader perspective, the index has been continuously moving in an upward trend since the first half of November 2023 (this is evidenced by exponential moving averages). For the moment, it seems that the most important support zone of the uptrend is the 50-day moving average (blue curve on the chart). Source: xStation 5
News:
Bank of Ireland Governor and European Central Bank member Philip Lane said recent data from the eurozone has reassured him that inflation is returning to the 2% target, raising the likelihood of the first interest rate cut in June.
Deutsche Post (DHL.DE) intends to retire some 39 million of its own shares to increase the company's weighting in the DAX index. Deutsche Post's share capital is to be reduced accordingly as part of the withdrawal; each share will continue to represent €1 of share capital.
Hypoport (HYQ.DE) shares are up 1.2% after the release of its first-quarter 2024 results. The company posted €107.5 million in revenue and earnings per share of €0.45. The company confirmed earnings expectations for this fiscal year. Revenues are expected to reach at least €400 million. The company's EBIT is expected to reach between €10 million and €20 million. In Q1, it was €4.3 million.
