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European markets trade higher
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DE30 upheld trading range
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Deutsche Boerse acquires Swiss crypto fintech
European stock markets opened little changed today but experienced a strong upward move after cash trading commenced. Majority of the European blue chips indices trade higher with DAX gaining 0.6%. Polish WIG20 (W20) and Russian RTS (RUS50) are European laggards trading 0.8% and 1.5% lower, respectively.
Source: xStation5
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Open account Try demo Download mobile app Download mobile appShort-term trading range on DE30 has been upheld so far. German index dropped and tested the lower limit at 15,530 but bulls managed to defend the area. A strong recovery move can be observed today and the index tested the upper limit of the range at 15,635 pts at the beginning of today's cash trading. So far, bulls were unable to break through but the index continues to trade at the resistance zone. Should we see a break higher, the next target for bulls will be 15,750 pts area, marked with all-time highs.
Company News
Rising number of reported coronavirus Delta variant cases around the world is putting pressure on travel-related stocks. TUI (TUI.DE) is trading over 4% lower today while Fraport (FRA.DE), German airport operator, drops around 1.5%.
Deutsche Boerse (DB1.DE) announced that it will acquire a two third stake in Swiss fintech company - Crypto Finance. Company did not specify the exact amount it paid but said it was above 100 million CHF. Crypto Finance provides cryptocurrency services, like trading or storage.
German Federal Cartel Office cleared merger of Vonovia (VNA.DE) and Deutsche Wohnen (DWNI.DE)
Fraport (FRA.DE) takes a hit today amid rising concerns that a new variant of the coronavirus pandemic will lead to reimposition of restrictions. Stocks is testing the 50-session moving average (green line). Breaking below this hurdle would pave the way for a test of a major support zone ranging between €55.50 and 23.6% retracement. Lower limit of the upward channel can be found in the area as well. Source: xStation5
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