Overall market situation: European markets are mostly lower during Thursday trading session. The German DAX is down almost 1.5% in the cash market. Investors’ attention is turning to central bank decisions today.
Today we see Wall Street index futures erasing a significant portion of yesterday’s gains, which were driven by a dovish reception to the Fed’s stance (QT tapering; lower GDP forecast and higher expected unemployment rate) and speculative positioning, where gamma options dealers may have to close short positions to reverse negative gamma exposure.
We see weak investor sentiment in the broader European market. Source: xStation
The German DE40 index is down 1.5% intraday today. 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 at nearly 21,230 points. Technically, DE40 continues to maintain a stable upward trend. Source: xStation
Corporate news:
RWE AG (RWE.DE) will reduce planned spending on green technologies by EUR 10 billion by the end of the decade due to higher investment risk, especially in the US. The company’s shares are losing nearly 3.5% today.
Hapag-Lloyd (HLAG.DE) predicts that EBITDA in 2025 will amount to USD 2.5 to 4.0 billion, previously estimated at USD 3.25 billion. Moreover, the company’s CEO announced that the economic and geopolitical environment remains fragile. In this regard, Hapag predicts that profits in 2025 will be lower than in 2024. The company’s shares are losing 8.5%.
Lanxess (LXS.DE) is also doing poorly, as its 2025 forecasts are also falling short of investor expectations. The company is forecasting adjusted EBITDA of EUR 600 million to EUR 650 million, with an estimated EUR 669.5 million.
Upgrades:
- Lloyds upgraded to buy at HSBC; PT 85 pence
Downgrades:
- BMW downgraded to “hold” at HSBC; PT 80 euros
- Puma downgraded to “hold” at Kepler Cheuvreux
New ratings:
- Wacker Chemie rated “buy” at Kepler Cheuvreux; PT 104 euros
Other news from individual DAX companies. Source: Bloomberg Financial LP
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