Markets

Daily outlook for October 16: DAX collapses. Car values ​​in focus!

The profits of the past eight trading days have now been erased. The increasing number of new infections is fueling fear of new corona-related restrictions or even a lockdown in certain regions. The significant increase in the number of initial jobless claims in the USA and statements by US Treasury Secretary Mnuchin that a new economic stimulus program is unlikely to be passed before the elections were also unsettling. The DAX® plunged at times over three percent and closed with a loss of 2.5 percent at 12,700 points and the EuroStoxx®50 at around 3,180 points. There is some economic data to be released tomorrow but no company data.

The rally in the bond market continued. Yields have thus again shifted into reverse. The yield on 10-year Bunds dropped 5 points to -0.62 percent and fell below the April low. The yield on comparable US papers lost three points to 0.71 percent. The precious metals presented themselves more easily. The price of gold fell slightly below the $ 1,900 mark. Silver lost over two percent to $ 23.80. Meanwhile, oil continued the sideways trend between $ 39 and $ 43.50 that began in early September. Today the price of a barrel of Brent Crude Oil gave up yesterday’s gains and fell to $ 42.20.

Company in focus

Drägerwerk reported an increase in sales and profit for the past quarter. The news was initially well received and boosted the share. However, in the downward pull of the overall market, profits crumbled again. The company listed in the SDAX® closed a few changes. High Low reported a decline in earnings in the third quarter due to the corona. The share then lost more than three percent. ElringKlinger and airbus want to jointly develop fuel cells in the future. Airbus recently announced that it would build an aircraft with a hydrogen-powered fuel cell drive by 2035. As a result, ElringKlinger’s shares rose in double digits. Meanwhile, Airbus continued its descent. The management of metro recommends the rejection of the takeover offer by major shareholder Kretinskys. The MDAX® value remained stable over the course of the day. The automotive and oil and gas sectors were among the weakest industries today.

Tomorrow the European Automobile Association will publish data on new car registrations in Europe. The shares are moving away BMW, Daimler, Peugeot, Renault and VW in focus. In the reporting season there is a break tomorrow before the flood of numbers next week – including With Daimler, IBM, Netflix and Tesla – slowly getting going.

Important appointments

  • Europe – Euro zone – Eurostat trade balance, August
  • Europe – Euro zone consumer prices, September
  • United States – Retail Sales, September
  • USA – industrial production, September
  • USA – Uni Michigan Consumer Confidence, October

Chart technical outlook

Resistance marks: 12,730 / 12,800 / 13,000 points

Support marks: 12,510 / 12,630 points

The DAX® opened with a downward gap, stabilized around 12,650 points in the afternoon before recovering to 12,700 points at the close of trading. There could be tentative purchases above 12,730 points. Above 12,800 points, they could be stronger. The trend is initially downwards. Another sell-off threatens below 12,630 points.

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

Observation period: September 28, 2020 – October 15, 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 16, 2013 – October 15, 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®HR1JQ44.2711,2001400001/21/2021
DAX®HR03N75.8012,00015,100December 17, 2020

Source: HypoVereinsbank onemarkets; Status: October 15, 2020; 5:39 pm

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