- DE40 in the zone of local highs
- Kering spoils sentiment in Europe
- nvestors await FOMC decision (06:00 pm GMT)
General market situation:
Wednesday's session on European markets brings a continuation of the uncertain ground of the ongoing bull market. The major benchmarks are trading mostly slightly lower on an intraday basis. The worst performing benchmark is currently the French CAC40, which is losing 0.65%. Companies in the Netherlands and Switzerland in particular are showing good momentum. Overall, the negative echo of today's session on the Old Continent is driven by cheapening fashion companies, which reacted with uncertainty to Kering's (KER.FR) earnings warning.
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European companies listed during Wednesday's trading session are currently trading at mixed levels. The biggest losers are the previously mentioned fashion companies. Source: xStation 5
Germany's benchmark DE40 is trading up slightly during today's session. The main control level remains at all times the historical peak near 18281 points. Source: xStation 5
News:
Deutz (DEZ.DE) is up nearly 8.3% today. The engine manufacturer's shares thus unwound volatility after the previous day's annual report. A Warburg analyst raised his target price to €10.50. According to the expert, the expected recovery in the second half of the year offers an attractive opportunity to enter the market.
Profit-taking is seen on Rheinmetall (RHM.DE) shares, which fell 2.8% during today's session. Group CEO Armin Papperger sold the company's shares for nearly five million euros after a sharp rise in recent months.
Shares of Hugo Boss (BOSS.DE), Puma (PUM.DE) and Adidas (ADS.DE) are under downward pressure today following disappointing sales forecasts from French luxury goods group Kering (KER.FR) for the current quarter.
Other news about individual companies included in the DAX index. Source: Bloomberg Financial LP
Analyst recommendations:
- Encavis (ECVDE) was cut to a ,,Hold" rating by HSBC. The target price was set at 17.50 euros.
- HSBC raised its recommendation on shares of Redcare Pharmacy NV to a rating of . "Hold". The target price at €140.
- BASF (BAS.DE) was upgraded to a ,,Buy" rating by Berenberg against signs of a resurgence in the chemical sector. Target price at 58 euros.
