Cyrrus (Cyrrus)
Markets  |  April 03, 2013 17:13:51

Spring fever - a negative surprise for German car sales

After yesterday, not entirely justified, increases in equity indices today European markets began in a mild correction. Morning DAX index began at 7924 points (- 0.25%), during the day hovered around 0% and at the end of the trading session fell back to the morning values. Today this would be called "spring fatigue".

Significant movement in the markets did not bring even worse macro data from the U.S.. Was published at 14:15 ADP - Change in the number of jobs in the private sector dropped to 158 thousand. compared to the expected 200 thousand. At 16:00 it was published in the ISM services, which was again below expectations (54.4 vs. 55.5). DAX Index responded decline further 0.2%.This macro data thus provide additional assumption to the longer duration of QE3.

The Prague Stock Exchange as stocks reacted strongly CME and CEZ. CETV shares declined by about 7% (77 CZK). Negative mood on this title is currently attributed, in addition to today's reduction recommendations from Jefferies, fears of a possible dilution of the shares and still poor economic situation in the region of Central and orig. Europe. For shares to CEZ was 3% decrease, mainly due to a negative performance Bulgarian prosecutor who recommended the initiation of criminal proceedings against CEZ.

The automotive sector was announced on the registration of new cars in Germany in March. Spring shopping season is the strongest in the year, however paradoxical decline of 17% is probably due, in addition to weaker market sentiment, probably also due to the cold weather.

Great attention will be paid to earnings season again. Overall, the expectations set very low, and so I think that investors may see even very interesting profits.

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Jarní únava - negativní překvapení u německých automobilových prodejů

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