The DAX 40 index went down by more than 140 points and closed at 15,548 on Tuesday. The index was down from its highest point in the last 14 months.
Today, the index opened further down after the Fed’s Chair Jerome Powell’s speech suggested another round of interest rate hikes. Powell’s aggressive approach against inflation dragged down most of the European indexes on Wednesday.
Germany also reported its monthly retail sales data, which decreased by 0.3% in January, against an expectation of a 2% increase.
On the plus side, German industrial production increased by 3.5% in January compared to the previous month, exceeding expectations.
Talking about the stocks, Continental AG (DE:CON) topped the DAX 40 index and gained around 4%. The automotive manufacturing company reported its Q4 and full-year earnings for 2022 today. Its sales increased by 16.7% in 2022. The company also announced it expects higher numbers in 2023, driven by an overall auto market recovery.
Healthcare company Bayer AG’s (DE:BAYN) stock gained 2.06% yesterday. The company has a Strong Buy rating on TipRanks with 10 Buy recommendations.
Upcoming Earnings This Week
Let’s have a look at some of the earnings coming in this week.
Deutsche Post AG (DE:DPW)
The leading logistics company, Deutsche Post, will announce its Q4 and full-year results for 2022 on March 9. According to TipRanks, the consensus EPS forecast for the fourth quarter is €1 per share.
DPW stock has a Moderate Buy rating on TipRanks at an average target price of €46.55. This suggests an upside of 15% on the current trading price.
Hugo Boss AG (DE:BOSS)
Hugo Boss, the luxury fashion brand, will also release its 2022 earnings on March 9. According to its preliminary results, the company’s sales were up 27% in 2022, continuing the strong momentum of the previous quarter’s numbers.
Based on a total of 14 recommendations, BOSS stock has a Moderate Buy rating on TipRanks. The stock has been trading up by 50% in the last year and therefore has no further upside potential, as per analysts.
Daimler Truck Holding AG (DE:DTG)
Vehicle manufacturer Daimler Truck will announce its full-year numbers for 2022 on Friday, March 10. The company’s stock reached its 52-week high point on Wednesday at €32.99.
According to TipRanks, DTG stock has a Strong Buy rating based on seven Buy and one Hold recommendations. The average target price of €41.13 implies an upside of 24.6%.