Markets

Daily outlook for October 8th: DAX paused. Chemical stocks and post much firmer!

After the 3-day price recovery, the European indices initially shifted into reverse. However, the price gains on Wall Street supported the local markets in the afternoon, so that the losses were visibly contained. There is currently a lack of significant impetus and the reporting season will not get going until next week. The DAX® closed unchanged at 12,910 points and the EuroStoxx®50 at 3,230 points. Tonight the minutes of the latest Fed meeting will be published and more companies could publish key data for the past fiscal quarter in the coming days.

Quotations on the bond market fell slightly. This increased the yields somewhat. The yield on 10-year Bunds improved to -0.49 percent and the yield on comparable US bonds to 0.78 percent. In late trading, the precious metals tipped down significantly yesterday. Gold lost $ 25 to $ 1,880 and silver over one dollar to $ 23 by close of trading. Prices have recovered slightly today. Gold and silver in particular are currently losing their shine. This has long been true of black gold, oil. After a two-day rally, the oil price came under pressure again. The price of a barrel of Brent Crude Oil lost 2.9 percent to 41.4 US dollars.

Company in focus

To Daimler also reported BMW good sales figures for the past quarter. After the most recent price rally, the Munich share lost today. The two chemical groups in the DAX® were also in demand today, BASF and Covestro. The German postal service increased the earnings forecast. Investors acknowledged this with a premium to the all-time high of 2017. Dialog Semiconductor followed STMicroelectronics and raised the forecast for the past fiscal quarter. The share then screwed up more than three percent and created a good mood for the majority of the entire sector. SMA Solar benefited from positive analyst comments today. Bayer swung back down after two positive days. The profit warning continued to have an effect here. Munich Re confirmed that it would adhere to the dividend policy and keep the distribution constant if possible. Nevertheless, the paper had to take a damper today. At ThyssenKrupp, IG Metall advocates state aid. This could not give the stock any further boost. On the contrary.

Apple may unveil a new iPhone on October 13th. However, among the strongest values ​​in the first hours of trading in the US were semiconductor stocks such as AMD and Micron Technologies as well Netflix and eBay.

Givaudan and Südzucker publish business figures for the past quarter and Fresenius Medical Care invites you to the capital market day.

Important appointments

  • United States – Federal Open Market Committee (FOMC) of the US Federal Reserve, Minutes
  • United States – Initial Jobless Claims for the Week Ending October 3

Chart technical outlook

Resistance marks: 13,000 / 13,060 points

Support marks: 12,420 / 12,600 / 12,700 / 12,800 / 12,900 points

The DAX® continued to fluctuate between 12,800 and 12,970 points today. A significant movement up or down can only be seen outside the range at the earliest. On the top there is air up to 13,060 points and on the bottom up to 12,700 / 12,725 points.

DAX® in points; Hourly chart (1 candle = 1 hour)

Observation period: 16.09.2020 – 07.10.2020. Historical considerations are not reliable indicators for future developments. Source: tradingdesk.onemarkets.de

DAX® in points; Weekly chart (1 candle = 1 week)

Observation period: October 8, 2013 – October 7, 2020. Historical considerations are not reliable indicators for future developments. Source: tradingdesk.onemarkets.de

Inline warrants on the DAX®

UnderlyingWKNSales price in eurosLower knock-out barrier in Pt.Upper knock-out barrier in pt.Final Valuation day
DAX®HR03H47.6411,80016,60011/19/2020
DAX®HR03N75.9912,00015,100December 17, 2020

Source: HypoVereinsbank onemarkets; Status: 07.10.2020; 5:42 pm

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The article Daily Outlook for October 8th: DAX paused. Chemical stocks and post much firmer! first appeared on onemarkets blog (HypoVereinsbank – UniCredit Bank AG).

Author: Richard Pfadenhauer

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