DE40: High-end fashion stocks spoil investor sentiment in Europe ⌚

DE40

Indices

Kering

European markets lose ground during Wednesday's session
Weak macro data from China spoils sentiment in European fashion market
Geberit falls after publication of quarterly results

Overall market situation:

Wednesday's session on European markets is not very optimistic. Most of the companies listed on the Old Continent are recording clear declines, driven by rising yields and weak macro data from China, which put fashion companies under strong pressure. This afternoon, investors' attention will focus on US retail sales and industrial production data.

European companies listed during Wednesday's trading session are mostly losing at the moment. Source: xStation 5

The German benchmark DE40 is losing nearly 0.81% during today's session. Today's session brings a breakout below the aforementioned consolidation channel initiated in the first half of December 2023. At the moment, DE40 is approaching the support set by the 50-day exponential moving average (blue curve). Source: xStation 5

News:

Among the European companies showing strong momentum for the publication of quarterly results is Geberit (GEBN.CH). The company generated lower sales in 2023 than in the previous year. The sanitary technology group was held back by a weak construction industry, but also by the strong franc. In 2023. Geberit Group recorded a currency-adjusted net sales decline of 4.8%. Net sales in Swiss francs fell by 9.1% to CHF 3,084 million. Despite the decline in sales, management expects an EBITDA margin of 30% for the full year 2023. Annual figures will be presented on 13 March 2024; the company's shares are currently losing more than 4.3%.

Chart on a W1 interval. Source: xStation

Weak macro data on retail sales in China today put fashion and luxury goods companies under strong downward pressure.

Source: xStation

Zalando (ZAL.DE) shares are currently losing nearly 5.1% after Bank of America revoked its buy recommendation on the online retailer's shares.

Analyst recommendations:

Wacker Chemie (WCH.DE) downgraded to neutral by Oddo BHF. Target price at €103

Allianz (ALV.DE) upgraded to Buy by SocGen; Target price at €275

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DE40: High-end fashion stocks spoil investor sentiment in Europe ⌚

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