General market situation:
European stocks are extending their declines, which began after the announcement of tariff changes on car imports to the US. Investors are now anxiously awaiting April 2, which is expected to bring further tariff changes.
The German DAX is currently losing 0.58%, while the French CAC40 is down 0.60%. The Polish market is doing poorly, with declines reaching 0.9%. The most important macroeconomic data for today are PCE and UoM data from the US.
Distribution of today’s rates of return for European companies. Source: xStation
The German DE40 index is losing 0.40% today on an intraday basis. The most important support for the index remains the 50-day EMA (blue line on the chart) and the support area of the consolidation zone close to 22,250 points. Technically, DE40 is still maintaining a stable upward trend. Source: xStation
News:
Ubisoft Entertainment SA (UBI.FR) shares are up 8.5% today after the video game maker said it will spin off the unit that includes Assassin’s Creed, Far Cry and Tom Clancy’s Rainbow Six into a subsidiary with an enterprise value of around €4 billion.
In addition, Tencent Holdings Ltd. will invest €1.16 billion to acquire a 25% stake in the new entity, which will hold licenses to the games’ intellectual property in exchange for royalties.
The unit’s €4 billion valuation is higher than the group’s current enterprise value. The valuation “confirms that the group was seriously undervalued,” said an analyst at Midcap.
European car stocks are falling further after Thursday’s plunge, triggered by President Trump’s plan to impose 25% tariffs on US car imports.
Source: xStation
The exception is Ferrari (RACE.IT) shares, which are up 4% after the company received upgrades from Barclays and Kepler Cheuvreux after the Italian sports car maker reaffirmed its financial outlook for the year following a recent stock price decline sparked by the tariff turmoil.
Pirelli (PIRC.IT) shares are down 1% in today’s session after the company decided to postpone the publication of its quarterly results until next month.
Other news from DAX companies. Source: Bloomberg Financial LP
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