- European stock markets opened higher
- German investor morale above expectations
- Delivery Hero (DHER.US) stock surges as worries over new EU rules subsided
European indices launched today's session higher helped by China easing monetary policy and rising confidence that omicron will not hurt global recovery as initially expected. On the other hand this also means that central banks remain on course to withdraw stimulus from the markets, which may hurt stocks in the longer term. Adding to the bullish sentiment, the latest data showed industrial activity in Germany rose by the most in a year in October, while ZEW Indicator of Economic Sentiment for Germany edged down to 29.9 in December from 31.7 in the previous month, but topped analysts’ estimates of 25.1. The Euro Area economy advanced 2.2% on quarter in the three months to September 2021, following an upwardly revised 2.2% growth in the previous period, and matching initial estimates.
Yesterday DE30 bounced off the support zone at 15070 pts which is marked with lower limit of the 1:1 structure, 23.6% Fibonacci retracement of the upward wave launched in October 2020 and 50 SMA (green line). Today index extended upward move and broke above local resistance at 15500 pts. If current sentiment prevails, upward move may accelerate towards all-time high at 16325 pts. Source: xStation5
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Delivery Hero (DHER.DE) stock jumped over 4.0% after new EU employee classification rules no longer force companies to treat contractors as employees, with all the extra costs that would have caused them. Instead, companies will only have to prove that contractors are indeed just that.
Delivery Hero (DHER.DE) stock fell sharply during yesterday's session, however sellers failed to uphold momentum and price returned above major support at €100.50 which coincides with lower limit of the triangle formation and 38.6% Fibonacci retracement of the upward wave launched back in December 2021. If current sentiment prevails, next target for bulls is located at €118.00 level which is strengthened by 200 SMA (red line) and 23.6% Fibonacci retracement. Source: xStation5
BMW (BMW.DE) stock rose nearly 2.0% after the carmaker announced that it has sold its one millionth electric vehicle and plans to reach two million total EV sales by 2025.
Merck's (MRK.DE) promising drug to treat Covid-19 could receive regulatory clearance in the U.S. as soon as this month, but generic versions for lower-income countries remain months away.
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