- Automotive, banking and defense are the best-performing sectors of today’s session
German DAX on the cash market is already adding nearly 0.84%. The main theme of the day is the parliamentary elections in Germany, which brought the victory of the Union (the alliance of CDU and CSU) in line with expectations. Now investors are waiting for announcements on the possible establishment of a broader political alliance between the Union and the SPD, which may be crucial to exercise actual power in Germany.
In the broader European market, we are seeing relatively positive sentiment across the main sectors of the economy. The automotive and food sectors are doing well. Source: xStation
The German DE40 index gained today and added 1.2% on an intraday basis. The most important support for the index remains the 50-day EMA (blue curve on the chart) and the support area of the consolidation zone near 21,230 points. Technically, the DE40 maintains a stable upward trend all the time. Source: xStation
Corporate News:
The elections in Germany have had a wide impact on the financial markets, where the shares of Siemens Energy (ENR.DE) have lost nearly 3% compared to the results of the elections to the Bundestag. The high probability that the Greens will not be included in the coalition sought by the EU and the position of the new German chancellor regarding the suspension of funds for environmental protection (green energy) mean that the advantages of this energy company are losing value today.
Today’s declines temporarily led the shares ENR.DE below the 50-day exponential moving average (blue curve on the chart). Source: xStation
The defense sector, on the other hand, is doing particularly well today. The new chancellor Merz announced that the U.S. is no longer willing to include the European Union under the defense umbrella, which is why Europe should arm itself internally. Shares of Rheinmetall (RHM.DE) and Hensoldt (HAG.DE) are gaining nearly 4% today.
Other news from individual companies of the DAX index. Source: Bloomberg Financial LP
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