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Daily outlook for October 28: DAX continues to weaken. SAP and Rational in demand!

Today, minus signs again dominated the picture on the international stock markets. Mixed company figures and the ongoing uncertainty surrounding the corona pandemic depressed the mood. Good economic data such as the increase in US industrial production failed to spark any euphoria. The DAX® closed up around 0.8 percent easier at 12,080 points and the EuroStoxx®50 just under one percent lower at 3,075 points.

Safe systems were still very popular today. Bond prices rose and yields fell accordingly. The yield on 10-year Bunds closed 2.5 points lower at -0.61 percent and the yield on comparable US bonds at 0.78 percent. Meanwhile, the precious metal market remained calm. The gold price remained stable above 1,900 points and platinum was able to make up part of yesterday’s losses. The oil price also produced a technical countermovement. The price of a barrel of Brent crude oil pushed back above the $ 41 mark. Tropical storm Zeta temporarily paralyzed parts of oil production.

Company in focus

The chemical dealer Brenntag reported surprisingly good numbers. Investors acknowledged this with a strong plus – close to the all-time high of 2015. The plastics group Covestro published surprisingly good data for the past fiscal quarter thanks to a recovery in Asia. Still, the paper hardly moved. Delivery Hero was firmer in the run-up to the business data and set course for the all-time high. Other internet service providers like HelloFresh and Shop pharmacy were among the strongest stocks in the MDAX® today. After yesterday’s share price fall, the SAP-Share caught again today. The paper received support from the purchases of shares by the supervisory board chief Plattner. The automotive supplier Schaeffler went back into the black in the third quarter according to preliminary figures. Nevertheless, the group is still in the process of restructuring. Investors therefore acknowledged the data with a discount of around 2.8 percent. Rational benefited from good quarterly figures. However, the commercial kitchen manufacturer continued to refrain from making a forecast.

Apple reported that over a billion iPhones are currently in use. AMD plans to take over the semiconductor manufacturer Xilinx. The shares of Facebook, Nvidia and DocuSign were also above average in the USA in the first hours of trading.

From Europe report tomorrow among other things BASF. Beiersdorf, Carrefour, Deutsche Bank, Deutsche Börse, FiatChrysler and puma Business figures for the past quarter. In the US stand among other things Amgen, Boeing, eBay, Ford, General Electric and UPS with their business figures in focus.

Important appointments

  • France – Consumer Confidence, October

Chart technical outlook

Resistance marks: 12,260 / 12,420 / 12,670 points

Support marks: 11,985 points

The DAX® continued its downward trend and closed in the area of ​​the daily low of 12,080 points. The index finds its next support at 11,985 points. A short-term change in trend becomes apparent above 12,260 points at the earliest.

DAX® in points; 4-hour chart (1 candle = 4 hours)

Observation period: August 5th, 2020 – October 27th, 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 24, 2013 – October 23, 2020. Historical considerations are not reliable indicators for future developments. Source: tradingdesk.onemarkets.de

Inline warrants on the DAX®

Underlying WKN Sales price in euros Lower knock-out barrier in Pt. Upper knock-out barrier in pt. Final Valuation day
DAX® HR1JQ4 4.49 11,200 14,000 01/21/2021
DAX® HR03N7 1.20 12,000 15,100 December 17, 2020

Source: HypoVereinsbank onemarkets; Status: October 27, 2020; 5:42 pm

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The daily outlook for October 28th: ​​DAX continues to weaken. SAP and Rational in demand! first appeared on onemarkets blog (HypoVereinsbank – UniCredit Bank AG).

Author: Richard Pfadenhauer

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