DAX Index: Here’s why Bayer and BMW share prices are top movers today

DAX Index
DAX Index

The DAX index is erasing some of the gains made yesterday, mostly on profit-taking. The index is down by more than 1% and is trading at €12,600. Other indices in Europe are also trading lower. In the UK, the FTSE 100 is down by more than 0.80% while in France, the CAC 40 is down by more than 0.75%. The overall Stoxx 40 is down by more than 0.80%.

BMW makes some progress

BMW share price is up by 0.53% and is trading at €58 after the company released its Q2 earnings. In the report, the company said that it delivered more than 962,575 cars in the second quarter. That was 23% from a year before. This decline was expected considering that the world was in a lockdown for a substantial amount of time this year.

In total, it sold 842,143 BMW cars, down by 21.7% from the previous year. It sold 118,862 Mini brand, 61,652 electrified cars, and more than 1,560 Rolls-Royce brands. In a statement, the company’s board member said:

“We are following the development of global demand very closely and continue to plan for various scenarios so we can respond quickly as regions around the globe recover from the coronavirus pandemic at different speeds.”

The biggest news was that in China, the company sold more cars in the second quarter than it did in the same quarter a year ago.

BMW share price is down by 20% this year. It is up by 60% in the past three months,

Bayer share price falls after settlement hits a snag

Bayer share price was the worst in the DAX index after its $10 billion Roundup claim hit a roadblock. The shares are down by more than 5.50%. In a statement, a judge who has been appointed to oversee the lawsuits said that he was sceptic about the settlement. He said that the proposal to determine whether the Roundup’s active ingredient causes cancer was problematic. In a statement, Bayer said:

“We appreciate the judge’s order raising his preliminary concerns with the proposed class settlement, which we take seriously and will address.”

Bayer share price is down by 13% this year and up by 45% in the past three months.

Top movers in the DAX index

Most companies in the DAX index are in the red today. Fresenius share price has declined by 1.50% while BASF price has fallen by 1.43%. Other weak performers are Heidelbergcement, Deutsche Bank, Lufthansa, and Volkswagen. On the other hand, the best-performing – which are also in the red – are Henkel, Merck, Adidas, and Deutsche Boerse.

DAX index technical analysis

The DAX index is trading at €12,580, which is below yesterday’s high of €12,842. On the daily chart, the price is above the 50-day and 100-day exponential moving averages. The price is also along the 78.6% Fibonacci retracement level. Also, the price is above the ascending trend line shown in black. This means that the index is likely to continue rallying as bulls target the next resistance at €12,932.

On the flip side, a move below €11,298 will invalidate this prediction. This price is slightly above the 50-day EMA. It is also at the intersection of the ascending trend line and the June 29 low.

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