The uncertainty phase or the bearish market?

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Last week was closed by DAX and EURO STOXX 50 with insignificant losses. However, on the last day, almost all the securities composing DAX were in the red zone. Adidas AG was an obvious outsider loosing almost 11%. The aggressive sales are due to the 2023 forecast, which suggest a harsh profitability decline. Excluding the currency risks, the profitability if the company may go down to a no-loss level, which in turn provoked yet another wave of sales. There also has been an exception, Fresenius Medical Care AG & Co. KGaA St. was the only one DAX security to end the session in green.


A wider European index EURO STOXX 50 also finished the week in red. However, some of the securities showed great results.


Last week leaders and outsiders:



Top: Fresenius Medical Care AG & Co. KGaA St +2.13%

Flop: adidas AG -10.88%, Zalando SE -7.07%, Continental AG -3.27%



Top: ENI S.p.A. +2.9%, Total S.A. +2.79%, Enel S.p.A. +1.59%

Flop: Inditex -4.5%, Essilor Luxottica -3.53%, L'Oréal S.A. -2.54%


On the session’s opening on Monday, the Adidas AG securities have renewed their growth or to be precise, bounced after aggressive sales no so long ago. In general, DAX and EURO STOXX 50 started their first day of the week with pure optimism. Within the first 30 minutes of the session they gained 0,3% and 0,4% accordingly. But looking at the situation from a wider angle, consider the side movement formation. Consequently, the European fund index is in an uncertainty phase now. Very similar to what is going on in the US.


Bond market:


Looking at the bond instruments, let’s pay attention to moderate growth of the 10-year yields profitability of Germany and France. It is not yet about considerable growth, however the dynamics is positive following the one of the stock market. One of the key factors may be the inflation report in the majority of the EU countries and the USA. The inflation growth would boost the yields profitability, thus applying pressure to the stock market and consequently the key fund indices.


Oil market


The European Brent did not manage to hold it above $85.5, while the American counterpart WTI did not manage to continue above $80. This week the IEA and OPEC reports shall be published, most likely they would support the oil market, while the inflation data in the USA may reduce the optimism. The inflation growth supposes a probability of further key rate elevation by the Fed, which is unfavorable for the market.


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