European Markets Navigate Mixed Performances, Tech Stocks Shine

The European market has seen modest beginnings, with healthcare giants like Novartis (NOVN), Novo Nordisk (NOVO_B), AstraZeneca (AZN), and Roche (RO) mitigating losses incurred by Airbus (AIR) due to a rare manufacturing flaw in Pratt & Whitney engines that could ground hundreds of Airbus jets in the coming years. Irish packaging company Smurfit Kappa (SK3I) witnessed a 12% drop following its merger announcement with US peer Westrock (WRK).

The STOXX 600 remains relatively stable after recent gains, while the FTSE 100 is up 0.1%, taking advantage of a weaker pound as UK labor market data showed signs of softening. This eases pressure on the Bank of England to raise rates. Tech stocks rallied on Wall Street, notably Tesla (TSLA), driven by renewed AI enthusiasm, and UK chip designer ARM Holdings is set to go public with high investor demand.

However, the European tech sector lags, with the STOXX tech index (.SX8P) declining, largely due to a 1.5% drop in Germany's SAP (SAP) following Oracle's (ORCL) disappointing revenues.

European shares continue to rise, mirroring Asian and Wall Street gains driven by tech stocks and AI optimism. Futures for STOXX 50, DAX and FTSE 100 are all in positive territory. German wholesale prices decreased in August, offering relief to struggling manufacturers.

AstraZeneca (AZN) may face renewed scrutiny following CEO Pascal Soriot's speculated departure, which led to a 3% drop in shares. Primark owner ABF Foods (ABF) raised its full-year profit outlook, citing strong performance in its fast-fashion and food businesses.

DAX received support and experienced a rebound at the 15,500 level. The current price range encompasses support at 15,500 and resistance at 16,400. In the short term, DAX went back toward the 15600 level after finding resistance at the 16000.

Resi Level 3	Resi Level 2	Resi Level 1	Suppo level 1	Suppo level 2	Suppo level 3
16600	16400	16200	15650	15400	15200