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Daily outlook for October 14th: DAX with setback. Bayer and biotechs at a glance!

Mixed specifications from Asia and weak ZEW data put pressure on the buying mood today. In addition, there are still no signs of an agreement on a further US economic stimulus program. After the sprint of around 700 points in seven trading days, some investors took profits and temporarily pushed the index below 13,000 points. There were minus signs not only in Germany, but in large parts of Europe. The EuroStoxx®50 went down almost one percent and closed at 3,270 points

The weakness in the stock market was reflected in the bond market today. The yield on 10-year Bunds fell to -0.55 percent and the yield on comparable US papers fell four points to 0.78 percent. The minus signs also ruled the precious metals. The gold price fell below the $ 1,900 mark. Palladium and silver fell over three percent to 2,320 and 24.10 US dollars per troy ounce, respectively. Oil stabilized within yesterday’s range. The price of a barrel of Brent Crude closed at around US $ 42.30.

Company in focus

At BayerThe bears continue to hold the reins of the shares. The profit warning was still in the bones of investors. The Deutsche Bank was able to stand against the trend today and book a small plus. Support came from the major shareholder Personal-Financial.com Group, who increased its stake. Evotec was one of the biggest winners in the MDAX today. With the Abi Dhabi state fund, the biotechnology group has a new major shareholder after the capital increase. Fraport sagged after weak passenger numbers. At HeidelbergCement some investors took profits after the recent rally, pushing the price down around 2.4 percent. HelloFresh benefited from positive analyst comments and set course for an all-time high. MorphoSys wants to place a convertible bond. The announcement was not well received by investors. Rather, the paper sank below the EUR 100 mark ThyssenKrupp According to various reports, there is speculation about a state entry. This idea met with little enthusiasm among investors.

The US companies Citigroup, Johnson & Johnson and JP morning reported good figures for the past quarter. Johnson & Johnson stock dipped nonetheless. The group must now also interrupt a study for a future corona vaccine due to illness of a subject. AstraZeneca shares fared similar recently, which had to put their vaccine study on hold.

Presented tonight Apple probably the new iPhone. Tomorrow report among other things Alcoa, Bank of America, Goldman Sachs and Wells Fargo over the past fiscal quarter.

Important appointments

  • Europe – Euro zone industrial production, August

Chart technical outlook

Resistance marks: 13,100 / 13,170 / 13,250 points

Support marks: 12,970 / 13,000 points

The DAX® went into reverse today and temporarily touched the 38.2% retracement line. By the end of trading, however, the index had improved up to the 50% line. Above 13,000 points, the bulls could regain the upper hand and the index to 13,045 and then up to 13,100 points. The late recovery towards close of trading gives reason to be cautiously optimistic. Below 12,970 points, however, the next wave of sales threatens.

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

Observation period: 14.09.2020 – 13.10.2020. 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 14, 2013 – October 13, 2020. Historical considerations are not reliable indicators for future developments. Source: tradingdesk.onemarkets.de

Inline warrants on the DAX®

UnderlyingWKNSelling price in eurosLower knock-out barrier in Pt.Upper knock-out barrier in pt.Final Valuation day
DAX®HR1JQ43.8611,2001400001/21/2021
DAX®HR03N77.3812,00015,100December 17, 2020

Source: HypoVereinsbank onemarkets; Status: October 13, 2020; 5:45 pm

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The article Daily Outlook for October 14th: DAX with setback. Bayer and biotechs at a glance! first appeared on onemarkets blog (HypoVereinsbank – UniCredit Bank AG).

Author: Richard Pfadenhauer

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