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DAX 40 Market Update

11/2/2022 1:59 PM

The leading index of the Frankfurt Stock Exchange DAX 40 is correcting upwards, trading at 13406.0 and continuing its positive dynamics on the back of strong financial statements of the main components, as well as optimistic macroeconomic statistics.

German Retail Sales rose 0.9% in September after falling 1.4% in August, slowing down the annual decline to -0.9% from -1.5% earlier. Today, data on the labor market will be published in Germany: it is projected that the Unemployment Rate in October will be 5.5%, and the Unemployment Change will be 15.0 thousand comparable to September.

The day before, the medical company Fresenius Medical Care AG & Co. released financial results, reporting a record quarterly revenue of 5.10 billion euros, beating the forecast at 4.73 billion euros. Earnings per share were 0.78 euros, up from 0.77 euros a quarter earlier. Bayerische Motoren Werke AG (BMW), one of the leading automakers, will publish its report today. Analysts expect quarterly revenue of 34.31 billion euros, in line with the previous quarter, and earnings per share of 3.69 euros.

The growth leaders in the index are Zalando SE (+4.16%), Puma SE (+3.62%), Airbus Group SE (+2.65%), Vonovia SE (+2.54%).

Among the leaders of the decline are Sartorius AG (-3.67%), Beiersdorf AG (-1.83%), Deutsche Börse AG (-1.58%).

On the daily chart of the asset, the price is trading within the global descending channel, trying to break the resistance line.

Technical indicators have already reversed and issued a buy signal: the fast Alligator indicator EMAs crossed the signal line from below, and the histogram of the AO oscillator moved to the purchase area.

Support levels: 13130.0, 12440.0. | Resistance levels: 13570.0, 14280.0.

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