- European stock market indices trade higher
- China to ease travel restrictions
- Symrise AG (SY1.DE) has been upgraded by Zacks to "Strong Buy"
European indices kicked off trading in the shortened last week of the year in upbeat moods as investors welcomed China's announcement that inbound travelers will not be quarantined from January 8th, raising hopes of a recovery in the world's second-largest economy. Among top gainers, China-exposed luxury firms LVMH (MC.FR), Kering (KER.FR) and Hermes (RMS.FR) jumped over 1.5% each. Germany's DAX 40 rose over 0.50%, led by gains in travel and consumer goods shares. Meanwhile, a recent survey of major associations published by Reuters today revealed that German businesses expect only a mild recession in 2023. On the other hand, a survey from the IW economic institute showed, nearly three out of five German industry associations are pessimistic about next year and expect their companies to lower production as high energy prices due to the war in Ukraine show no signs of abating.
DE30 launched today's session with a bullish price gap above support at 14025 pts, which coincides with 23.6% Fibonacci retracement of the last upward wave. If buyers manage to uphold current momentum, upward move may move towards recent highs at 14730 pts. On the other hand one need to remember that overall sentiment remains gloomy due to hawkish central banks, therefore another downward impulse towards support at 13615 pts may be launched. This level is additionally strengthened by 200 SMA (red line) and 100 EMA (purple line). Source: xStation5
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Symrise AG (SY1.DE) has been upgraded by Zacks to Strong Buy due to upbeat earnings outlook that could translate into buying pressure and an increase in its stock price.
Symrise AG (SY1.DE) stock launched today’s session higher, however sellers manage to regain control and price is approaching major support at €102.00 which is marked with previous price reactions and 50.0% Fibonacci retracement of the upward move launched in March 2020. Should break lower occur, downward move may accelerate towards the lower limit of the consolidation range €95.00 in which the stock has been trading since the beginning of 2022. Only a break above the upper limit of the range at €115.00, could potentially shift main market sentiment towards bullish. Source: xStation5
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