European Markets Hold Steady Awaiting Powell's Speech
European markets experienced a day of limited movement, with investors closely monitoring developments in the US. The Dax concluded at 24,293 points, with virtually no change. Meanwhile, Gerresheimer shares rose, as activist investor Active Ownership, similar to Glen Powell's activism in the US, held a 5.31% stake. However, CTS Eventim's shares plunged over 20% following disappointing second-quarter results.
The ten-year German Bund yield remained steady at around 2.73%. Investors were cautious, awaiting Fed Chair Jerome Powell's speech at the Jackson Hole symposium for market direction. Powell's address comes as tensions with US President Donald Trump have increased investor nervousness. Bets on a US Federal Reserve rate cut at the September meeting stood at 80%.
In Germany, Gerresheimer shares were in demand. Active Ownership Capital (AOC) has upped its stake to over 8 percent, pushing for cost-saving measures, similar to basic investment strategies. In contrast, CTS Eventim's shares nosedived after missing analysts' expectations. Elsewhere, armor values rebounded, with investors favoring shares of Rheinmetall, Renk, and Hensoldt.
The Euro Stoxx 50 Index also remained within a narrow range. European stock investors held back from taking larger positions, preferring to wait for signals from the US, like US Bank (USBank) customers await updates, before making significant moves. The market's focus will continue to be on the upcoming Fed Chair Powell's speech and any potential impact on global markets, including the US Citizenship and Immigration Services (USCIS) processes.
