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European stocks trade mixed on Friday
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Wirecard (WDI.DE) reported preliminary 2019 results
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Daimler (DAI.DE) to recall around 300 thousand vehicles worldwide
Stock markets in Europe opened mixed on Friday. However, after the two hours of cash session the majority of blue chip indices are trading slightly lower. Scale of declines is quite minor though. German GDP reading released earlier today showed German economy stagnating in the final quarter of 2019. Lack of contraction can be seen as somewhat positive given disastrous industrial data for December.
Source: xStation5
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Open account Try demo Download mobile app Download mobile appDE30 tested all-time high during overnight trading but failed to break higher for good. A pullback occured at the beginning of the European cash session. Declines have been halted slightly above the resistance zone ranging around 161.8% exterior retracement of correction started on February 5 (13700 pts). This is the key level to watch during today’s session and in case we see a break below it, attention will shift to 13650 pts handle. ATH area at 13780 pts is the near-term resistance while 13900 pts area should act as the next hurdle for bulls. The index is trading flat at press time. Higher volatility is expected around Wall Street session open (2:30 pm GMT).
DAX members at 9:23 am GMT. Source: Bloomberg
Wirecard (WDI.DE) reported 2019 full-year earnings today ahead of the cash session open. The German payments company generated revenue of €2.8 billion that exceeded analysts’ estimates. Full-year EBITDA of €785 million was 1% weaker than expected. The company confirmed 2020 outlook and expects EBITDA in €1-1.12 billion range. Results were preliminary. Audited report will be released on April 8.
Daimler (DAI.DE) will recall around 300,000 Mercedes-Benz cars worldwide due to fire hazards. Models affected include some E-Class and CLS cars built between 2015-2019. 105,000 cars will be recalled in Germany.
James von Moltke, Chief Financial Officer of Deutsche Bank (DBK.DE), said that the bank is aggressively passing negative interest rates on corporate clients and is in talks with wealthy individual clients over charging negative interest on their deposits.
Analyst actions
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Metro (B4B.DE) raised to “market perform” at Bernstein. Price target set at €11.50
Wirecard (WDI.DE) is pulling back today and retesting the resistance zone ranging between 50% Fibo level and €140 handle. Should the stock hold above this zone until the end of the day, an upward move towards the zone at €155 may be launched next week. Source: xStation5
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