- European stocks start the week with modest gains
- Markets await Trump's swearing-in ceremony
- Wall Street will be off from trading today in view of the banking holiday
- Commerzbank will cut jobs to boost investor confidence
European stock indices began Monday's trading with modest gains. The DAX is currently gaining 0.03% intraday while Britain's FTSE100 is up 0.12%. The CAC40, meanwhile, adds 0.04%.
Investors' attention turns to corporate news from Europe today. Wall Street today is off from trading in view of the Martin Luther King holiday, although from the States itself, it is the news around Trump's swearing in as president that will be the most important market aspect.
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Volatility currently observed in the European market. Banks and companies representing the luxury goods sector stand out in particular from the broad background. Source: xStation
Germany's DE40 index continues its upward movement after breaking out to new historic highs. The most important support for the index invariably remains the 50-day EMA (blue curve on the chart). Technically, DE40 continues to maintain a stable uptrend all the time, as long as the previously mentioned zone is not tested by the supply side. Source: xStation
News
According to a Financial Times report, in order to prevent a possible takeover by the large Italian bank Unicredit, Commerzbank is considering cutting thousands of jobs. By this action, the bank wants to show that it is capable of increasing profitability and shareholder payouts on its own. Commerzbank (CBK.DE) shares are up 2% today.
Analysts at UBS reaffirmed their “buy” recommendation on Siemens (SIE.DE) shares and are raising their target price to €240 from the previous €200. “The in-depth analysis of digital industries reinforces our confidence in the company's quality; we raise our target price to €240,” UBS communicated.
For fiscal 2025, Siemens expects comparable sales growth in the range of 3 to 7%, and adjusted core EPS between €10.40 and €11.
Other news from major German companies. Source: Bloomberg Financial LP
