In the past week, the stock markets were quite mixed and there was a lack of lasting impulses. So DAX® and S & P®500 were able to achieve a reasonable plus from a weekly perspective. The EuroStoxx®50 and Dow Jones®, on the other hand, came to a standstill and stock indices like the French CAC® 40 even recorded losses. There is likely to be some movement in the markets in the coming week. Numerous important economic data are on the calendar, the ECB interest rate meeting is coming and the first quarterly reports are published.
Yields on the bond market declined somewhat over the course of the week. The yield for 10-year Bunds fell to -0.47 percent (previous week: -0.43 percent). The yield on comparable US securities was 0.60 percent (previous week: 0.67 percent). Precious metals rose consistently in the past trading week. Gold prices set above $ 1,800 per troy ounce, the highest since autumn 2011. The oil market, however, remained calm. High inventories slowed the slight upward movement and the price of a barrel of Brent Crude stagnated in the $ 43 range.
Focus on companies
In the past week, technology titles were particularly in demand. So sit down Infineon and SAP with a clear gap to the DAX® top. SAP was mainly driven by good company data and Infineon by a good mood around the semiconductor sector and positive analyst comments. At Siemens there was some upswing after the AGM decision to split off the energy division. In the second row the shares fell from Commerzbank, Kion and Gerresheimer with above-average price gains. The back of the chairs on the executive floor at Commerzbank was well received by investors. Gerresheimer will publish quarterly figures next week. LPKF and HelloFresh were largely responsible for ensuring that the German rising index (will be put together again on Monday). However, gold and hydrogen, which can be found in the BANG index (contains four of the largest gold mining companies in the world) and the Global Hydrogen Index knocked down.
The reporting season starts next week. Traditionally, the US banks start like Citi, Goldman Sachs, JP Morgan and Morgan Stanley. It is very possible that other companies will also report key data on the past quarter. Also load Continental, Kion, König & Bauer, Nordex and Südzucker to the general meeting. The European automobile association ACEA reports figures on new car registrations in Europe. With that, the shares of the automakers move up BMW, Daimler, Renault and VW in focus.
- China – foreign trade
- China – industrial production
- Germany – consumer price index
- Germany – ZEW economic expectations
- Europe – industrial production
- Europe – ECB interest rate meeting
- Europe – consumer prices
- USA – consumer prices
- USA – industrial production
- USA – Fed publishes Beige Book
- USA – Philly Fed industry index
- USA – Initial jobless claims
Resistance marks: 12.650 / 12.700 / 12.790 / 12.930 / 13.300 points
Support marks: 12,200 / 12,280 / 12,475 / 12,530 points
At the close on Friday, the DAX® broke out of the short-term downtrend. With this, the bulls initially took control again. The index finds a resistance zone in the range of 12,650 / 12,700 points. If this is broken upwards, there is a chance of an upward movement up to 12,790 / 12,930 points. On the underside, the index initially has good support in the range of 12,370 / 12,530 points.
DAX® in points; 4-hour chart (1 candle = 4 hours)
Observation period: May 27, 2020 – July 10.2020. Historical considerations are not reliable indicators of future developments. Source: tradingdesk.onemarkets.de
DAX® in points; Weekly chart (1 candle = 1 week)
Observation period: 09.07.2013 – 08.06.2020. Historical considerations are not reliable indicators of future developments. Source: tradingdesk.onemarkets.de
Inline warrants on the DAX®
|Underlying||WKN||Sales price in euros||Lower knock-out barrier in Pts.||Upper knock-out barrier in points||Finaler Valuation day|
Source: HypoVereinsbank onemarkets; As of: July 10, 2020; 5:37 p.m.
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Weekly Outlook: Tech stocks support DAX. Gold and ECB in the spotlight! first appeared on onemarket’s blog (HypoVereinsbank – UniCredit Bank AG).
Author: Richard Pfadenhauer