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European stock markets erase gains
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DE30 pulls back after failed test of 200-session moving average
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Delivery Hero, HelloFresh drop on EU labour plans
European stock markets launched today's trading higher but have erased those gains already. Majority of blue chips indices from the Western Europe trade slightly below yesterday's closing prices. Indices from Belgium and Sweden are the weakest, dropping around 0.4% each. In the other hand, indices from Portugal and Switzerland manage to stay afloat and gain slightly. US NFP report for November will be released today at 1:30 pm GMT and may cement decision on accelerating Fed taper during the meeting on December 15, 2021.
DE30 made a failed attempt of breaking above the 200-session moving average (purple line) this morning. Index has been trying to break back above this hurdle almost daily since last Friday's sell-off but keeps failing. Index is pulling back and a test of 15,070 pts support zone cannot be ruled out. However, a lot will depend on the release of US jobs data in the early afternoon (1:30 pm GMT). This is a key event of the day and is expected to boost volatility on the equities market. Source: xStation5
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Open account Try demo Download mobile app Download mobile appDelivery Hero (DHER.DE), HelloFresh (HFG.DE) and other European food delivery companies are trading lower following Bloomberg report. News agency reported that new EU labour plan will seek to reclassify people working with food delivery apps to employees what according to a draft proposal, could cost the sector as much as €4.5 billion a year.
Allianz (ALV.DE) boosted mid-term targets. Insurance company aims to increase annual earnings per share at a rate of 5-7% during the next 3 years and increase dividend by at least 5% each year. Company also announced a big US reinsurance deal that will help free up to €3.6 billion in capital.
Aurubis (NDA.DE) is the best performing MDAX member following a release of fiscal-2022 pretax operating profit forecast. Company expects pretax operating profit to reach €320-380 million in 2022. Preliminary results for fiscal-2021 (Q4 2020 - Q3 2021) showed a 60% YoY increase in pretax operating profit to €353 million.
Analysts' actions
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Adidas (ADS.DE) upgraded to "buy" at DZ Bank. Price target set at €300.00
Shares of Aurubis (NDA.DE) rallied today following the release of the profit forecast for fiscal-2022. Stock broke above the resistance zone at €80.00 and trades over 6% above yesterday's close. However, the first attempt of breaking above the 78.6% retracement of Q3 correction failed. Source: xStation5
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