Overall market situation:
The mood on the European stock exchanges is mixed, but price movements remain within a fairly narrow range; the UK market is closed, the German DAX is gaining 0.76%, while the French CAC40 is losing 0.57%.
The economic calendar for today’s session focuses on the ISM PMI data for services from the US and quarterly reports from companies such as Palantir, Ford and Realty Income.
Distribution of today’s returns for companies from Europe. Source: xStation
The German DE40 index is gaining 0.31% today on an intraday basis. The contract is holding above the 50-day EMA (blue line) and completely erasing the declines that started at the end of March. From a technical perspective (exponential EMA), the DE40 is resuming its upward trend and is already almost in the zone of historical highs. Source: xStation
News:
Novo Nordisk (NOVOB.DK) is up 0.7% after the FDA accepted the company’s application for oral Semaglutide 25 mg, which if approved would be the first oral GLP-1 treatment for obesity.
Volkswagen AG’s (VOW1.DE) Audi brand continues to struggle with low returns amid subdued demand in Europe and increasing competition in China. Despite this, the brand’s operating margin was 1.5% in the first quarter, a slight improvement from 1.1% in the same period last year. Furthermore, Audi’s revenue in Q1 was €15.43 billion, up 12.4% year-on-year. The brand delivered a total of 388,756 vehicles in Q1, down 3.3% year-on-year.
Shell (SHELL.NL) is working with advisers to evaluate a potential takeover of rival BP (BP.UK), but is waiting for further declines in stock and oil prices before deciding whether to make a bid, Bloomberg News reported Saturday, citing people familiar with the matter. The Dutch company’s shares are down nearly 2% today.
Other corporate news. Source: Bloomberg Financial LP
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