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Weekly outlook: DAX is above 13,000. Apple and reporting season in focus!

Most of the stock indices gained in the past week. In the case of the standard value indices, the gains were between 2.5 and three percent. In some industry and strategy indices, the increase was sometimes over five percent. The hope for another US economic stimulus package created a good mood. In addition, some companies used the window until the official announcement to report key data on the past fiscal quarter in advance. The majority of the results were surprisingly good. Some CEOs even raised the forecast for the full year.

In the coming week, numerous economic data are again due to be published. However, the focus will be on the company. So the reporting season is slowly gaining momentum. The hot phase of the Brexit negotiations is also beginning. The British Prime Minister has set a deadline of October 15. The EU would like an agreement signed and sealed by October 31st.

At times, more pronounced fluctuations were observed on the bond market over the course of the week. At the close of trading, however, the situation calmed down and long-term bonds closed little changed compared to the previous week. The yield on 10-year Bunds was -0.536 percent and the yield on comparable US bonds was 0.78 percent. Thanks to a strong performance on Friday, the precious metals gold, platinum and silver made up for their drastic losses on Tuesday. Gold recovered to $ 1,920 an ounce and silver rose to $ 24.30. Palladium meanwhile reached its highest level since the end of March 2020. The oil price rose almost ten percent compared to the previous week’s rate. Hopes that demand would pick up supported the price. If the price breaks above EUR 43.30, the price of a barrel of Brent Crude could start a sustained upward trend.

Company in focus

The price developments for the individual stocks in the past week were heavily influenced by company and industry reports. Numerous semiconductor companies spread optimism for Q3 and occasionally raised their forecasts. Among other things, they benefited from this Aixtron, Infineon and Siltronic. Nordex was spurred on by a major order and Deutsche Post and HeidelbergCement including positive analyst comments. Only four stocks from the DAX® posted a loss on a weekly basis.

In the second row, the price developments fell from Deutsche Lufthansa, K + S and ThyssenKrupp on. The good mood in the sector stimulated the airline. With the sale of the American salt division, K + S generated higher proceeds than expected by many market participants, and ThyssenKrupp raised hopes for further division sales. One of the strongest industry and strategy indices was once again the Global Hydrogen Index, the Stoxx 600 Europe Banks Index, the Stoxx 600 Europe Oil Index and the Solactive European Merger & Acquisitions Index.

The reporting season is slowly gaining momentum next week. Report from Germany Gerresheimer and High Low Figures for the past quarter. Published from the rest of Europe TomTom Numbers and reports in the US next week among other things Alcoa, Bank of America, Citigroup, Goldman Sachs, Johnson & Johnson, JP Morgen, Morgan Stanley and Wells Fargo over the past quarter.

From Fraport come traffic numbers. In addition, the real estate fair ExpoReal takes place. Real estate stocks like German living and Vonovia get into the focus. At the end of the week, the European automobile association ACEA reports figures on new car registrations. The data could be the shares of BMW, Daimler, Peugeot, Renault and VW move. Apple will introduce the new iPhone next week.

Important appointments

  • China – consumer prices
  • Germany – consumer price index
  • Germany – ZEW economic expectations
  • Europe – industrial production
  • Europe – Euro zone consumer prices
  • France – consumer prices
  • USA – consumer prices
  • USA – Initial Jobless Claims
  • USA – Philly Fed Industry Index
  • United States – Retail Sales
  • USA – industrial production
  • USA – Uni Michigan Consumer Confidence

Chart technical outlook

Resistance marks: 13,130 / 13,250 points

Support marks: 12,725 / 12,950 / 13,000 points

At the end of the week, the DAX® hovered between 13,000 and 13,080 points and thus settled above the 13,000 point mark. The upward momentum has visibly lost momentum. The upcoming reporting season may give the index new impetus. In the area of ​​13,130 points, there is initially resistance that needs to be overcome. Setbacks of up to 12,950 points will not cloud the current bullish picture and could be used by bulls as a new buying opportunity. Below this level, however, sentiment could change in the short term and trigger a consolidation to 12,725 points.

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

Observation period: 21.09.2020 – 09.10.2020. Historical considerations are not reliable indicators for future developments. Source: tradingdesk.onemarkets.de

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

Observation period: 10/10/2013 – 9/10/2020. 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®HR03H48.3311,80016,60011/19/2020
DAX®HR03N77.0712,00015,100December 17, 2020

Source: HypoVereinsbank onemarkets; As of: October 9, 2020; 5:02 pm

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