European Stock Futures Edge Higher; Credit Suisse Posts Profit Warning 

European Stock Futures Edge Higher; Credit Suisse Posts Profit Warning 

European stock markets

DAX 40 is trading down 0.47% at 14488.25

European stock markets are expected to open higher Wednesday, helped by a positive close on Wall Street, but a profit warning from banking giant Credit Suisse is likely to limit gains.

At 2 AM ET (0600 GMT), the DAX futures contract in Germany traded 0.4% higher, CAC 40 futures in France climbed 0.3%, and the FTSE 100 futures contract in the U.K. rose 0.3%.

European equities are set to benefit from late gains on Wall Street overnight, with the blue-chip Dow Jones Industrial Average closing over 260 points, or 0.8%, higher as a surge in energy and a u-turn in tech eased the stumble in consumer stocks following Target’s warning on profit.

However, these gains are likely to be tentative with sentiment hit by the news that embattled lender Credit Suisse (SIX:CSGN) is set to experience a group-wide loss in the second quarter.

The bank cited the combination of Russia’s invasion of Ukraine, significant monetary tightening by major central banks in response to the substantial increase in inflation, and the unwinding of COVID-related stimulus measures for the quarter’s woes.

On technical fronts DAX 40 RSI stood at 65.31 and currently it is trading above 20 and 50 days MA & below 5 days MA. So, BUY position can be taken with following target and stoploss:

TRADE SIGNAL – : DAX 40 – BUY: 14461.90, TARGET: 14613.80, STOP LOSS: 14312.70

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