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European markets trade higher
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DE30 reaches new all-time high
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HeidelbergCement proposes €2.20 dividend per share for 2020
European markets trade higher after the Fed refrained from tightening monetary policy yesterday. DAX is a top performer - the index gains over 1% and has managed to reach a fresh all-time high near 14,780 pts. UK stocks can be seen as European laggards as UK FTSE 100 (UK100) is the only blue-chips index from the Old Continent to trade lower today.
Source: xStation5
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Open account Try demo Download mobile app Download mobile appTaking a look at DE30 from a broad perspective, we can see that the German index not only reached a fresh all-time high today but has also approached a 161.8% exterior retracement of the September-October 2020 sell-off (14,780 pts area). Breaking above this hurdle would put DE30 on track to test the next resistance - 15,400 pts area, marked with the 127.2% exterior retracement of 2020 pandemic drop. However, equity market rally may start to slow as more and more central banks start to send hawkish signals (even as Fed refrained from doing so) - Turkish and Brazilian central banks hiked rates, Norges Bank signalled a hike in the later part of the year while Bank of Japan may widen yield target band.
DAX members at 11:08 am GMT. Source: Bloomberg
Company News
Heidelbergcement (HEI.DE) reported that its net profit increased from €339 million in Q4 2019 to €349 million in Q4 2020. Sales declined from €4.58 billion in Q4 2019 to €4.447 billion in Q4 2020. Company also said that it will propose a dividend of €2.20 per share, up from €0.60 per share in the previous year.
Deutsche Post (DPW.DE) said that it invested €250 million in new package sorting technology. Technology will now be tested at a pilot site and is expected to be used in 8 parcel centers by 2023. Company said that new technology will allow it to sort additional 126 thousand parcels per hour.
According to Fabrizio Campelli, member of Deutsche Bank board (DBK.DE), revenue in German lender's investment bank unit is up around 20% so far in the first quarter.
Analysts' actions
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ThyssenKrupp (TKA.DE) downgraded to "underweight" at Morgan Stanley. Price target set at €8.10
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Telefonica Deutschland (O2D.DE) downgraded to "neutral" at Exane. Price target set at €2.20
Deutsche Telefonica (O2D.DE) is trading lower today following a downgrade at Exane. The stock has managed to find a support at the 200-session moving average (purple line) but trades lower on the day. Shares are pulling back after a failed attempt of breaking above the upper limit of a mid-term range at €2.40. Source: xStation5
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