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The German Stock Market is Preparing to Continue its Growth

2/16/2023 2:07 PM

Quotes of the leading index of the Frankfurt Stock Exchange DAX 40 continue the upward trend against the backdrop of the publication of corporate reports and are currently held at around 15576.0.

The aircraft engine manufacturer MTU Aero Engines Holding published its financial results yesterday, reporting quarterly revenue growth to 1.51 billion euros from 1.35 billion euros in the previous period, while earnings per share increased from 2.14 euros to 2.23 euros. HR consulting company Randstad Holding NV released another positive report, reporting revenue of 7.01 billion euros, which beat analysts' forecast of 6.96 billion euros, and earnings per share of 1.93 euros, the highest in the company's history. Investors were disappointed only by the statistics of the brewing company Heineken NV, which recorded a drop in revenue from 7.79 billion euros to 7.42 billion euros.

Additional support for the stock index is provided by the domestic bond market, where a correction period is observed: 10-year debt securities continue to decline, trading at a rate of 2.459%, and 20-year-old bonds are trading at 2.514%, having lost 0.32% from yesterday's trading.

The growth leaders in the index are MTU Aero Engines Holding (+4.13%), Brenntag SE (+3.71%), Airbus Group SE (+2.66%), Siemens AG (+2.40%).

Among the leaders of the decline are Deutsche Bank AG (-1.23%), Fresenius Medical Care AG (-0.80%), Merck KGaA (-0.74%).

On the daily chart, the price is trading in an uptrend, holding within the local ascending corridor with dynamic boundaries of 16300.0–15000.0.

Technical indicators maintain a steady buy signal: the fast EMAs of the Alligator indicator are way above the signal line, and the AO histogram, being in the buy zone, is forming corrective bars.

Support levels: 15250.0, 14700.0. | Resistance levels: 15680.0, 16200.0.

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