On Wednesday, the stock markets are experiencing a moment of pause and cooling of both optimistic and pessimistic moods ahead of the FOMC Minutes and the Nvidia quarterly report. However, slight declines prevail at the moment. The German DAX is currently losing 0.32%, while the French CAC40 is losing 0.1% and the British FTSE 100 is down 0.2%. The DE40 contract is losing, although it is still hovering close to its all-time high (ATH), maintaining a dynamic upward trend.
Current volatility in the broader European market. Source: xStation
The German DE40 index is retesting its all-time high (ATH) and maintaining a dynamic upward trend set by exponential moving averages. The most important support point in the near term remains the 50-day EMA (blue line on the chart). As long as it is not broken, it seems that the upward trend is unwavering. It is worth noting, however, that the 14-day RSI indicator is hovering around 70 points, which from a technical perspective could be considered a textbook overbought. Source: xStation
Market news
RWE AG (RWE.DE) has won a case brought by a Peruvian farmer who tried to hold the German energy giant liable for the impact of climate change on the flood risk from a nearby lake on his farm. The company’s shares are gaining 0.4% today, with no threat of multi-million damages.
Nokia (NOKIA.FI) said on Wednesday that it will work with Bavarian software maker blackned GmbH to create deployable tactical networks for the defense sector.
Under the agreement, the two companies will integrate their product and solution portfolios to design a communications system tailored to the needs of the German military and adaptable for use in other countries.
Nokia said the collaboration will leverage its 5G tactical communications technology and blackened software-based defense solutions to create an integrated platform for Rheinmetall’s (RHM.DE) Battlesuite.
The U.S. is threatening action over Pirelli’s (PIRC.IT) Cyber Tire technology, which could be restricted due to China’s stake in Pirelli. China’s Sinochem currently owns 37% of Pirelli, putting the tire company in a tough spot as the U.S. recently implemented a rule targeting Chinese software and hardware. Bloomberg and Reuters report that sales of the Cyber Tire technology, as well as vehicles equipped with the tires, could be restricted in the future.
More news from individual DAX companies. Source: Bloomberg Financial LP
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