-
European stock markets trade higher
-
DE30 breaks back above 15,925 pts resistance
-
Volkswagen to expand EV capacity in China to 900k in 2023
European stock markets are trading higher at the beginning of a new week. Blue chips indices from France and the United Kingdom outperform, gaining around 0.7% each. Dutch AEX (NED25), Polish WIG20 (W20) and Russian RTS (RUS50) are the only major indices from Europe that trade lower today. The day ahead is expected to be marked with a lower liquidity, especially in the afternoon, as traders from the United States are off to celebrate Martin Luther King Day.
Source: xStation5
Start investing today or test a free demo
Open real account TRY DEMO Download mobile app Download mobile appDE30 broke back above the resistance zone in the 15,925 pts area, marked with 50-hour moving average (green line) and 38.2% retracement of downward move launched on January 5, 2022. Index is recovering from a drop that occurred by the end of the previous week. The nearest resistance to watch can be found ranging above the 50% retracement in the 16,000 pts area. Note that the 200-hour moving average (purple line) can also be found in the area. As economic and earnings calendars for today are empty the session ahead may lack big price swings.
Company News
According to the Welt report, Volkswagen (VOW1.DE) wants to expand its EV manufacturing capacity in China to 900 thousand units in 2023 as the new Volkswagen factory in Anhui province will start operations by the end of the next year.
Jean-Marc Nast, chief of satellite division at Airbus (AIR.DE), said that European planemaker's space business outperformed in 2021, reaching a better-than-expected sales growth of 10%.
Fraport (FRA.DE) reported that 2.7 million passengers were served by the Frankfurt Airport in December 2021. That's an increase of 204.6% compared to December 2020. Number of passengers served by Frankfurt Airport during full-2021 increased 32.2% YoY, to 24.8 million while aircraft movement was 23.4% YoY higher.
Analysts' actions
-
Henkel (HEN3.DE) upgraded to "equal-weight" at Morgan Stanley. Price target set at €87.00
-
GEA Group (G1A.DE) downgraded to "hold' at Stifel. Price target set at €48.00
Fraport (FRA.DE) gained at the beginning of today's trading but those gains were later erased and the stock is trading lower on the day. It looks like the share price of Fraport made another failed attempt of breaking above the €64.50 resistance zone. Long, upper wick of today's candlestick suggests that a reversal and a deeper drop may be looming. Source: xStation5
