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European markets trade mixed
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DE30 pares early gains
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Deutsche Bank sued by Malaysian authorities
European stock markets launched a new week higher. However, indices, especially from the Western Europe, began to move later on. Currently the situation on the Old Continent is mixed - German, French and Dutch indices trade lower while Spanish, Italian and Polish stock gains. UK equities trade flat.
Source: xStation5
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Open real account TRY DEMO Download mobile app Download mobile appDE30 launched a new week higher but has begun to lose steam during the Asian session. Index reached a 3-week high at 15,470 pts but has pulled back below 15,400 pts since. Index reacted to the support zone at 15,350 pts and it looks like another upward impulse may be about to begin. In such a scenario, overnight highs could be the first target for the bulls. However, in case current bounce fades and the index drops below the zone at 15,350 pts, downward move may deepen towards the lower limit of the Overbalance structure at around 15,285 pts.
Company News
Deutsche Bank (DBK.DE) has been sued by Malysian state owned investment entity 1MDB. Malaysian authorities want to recover assets worth over $23 billion that have been allegedly siphoned from the fund by Deutsche Bank and JPMorgan, among others. Deutsche Bank shares pared gains after news hit the market. However, German lender said that it has not been offered any documents related to the case and is not aware of any basis for Malaysian claims.
Aurubis (NDA.DE), the largest European copper producer, released a quarterly earnings report today. EBIT increased 72% YoY to €103 million. Company upheld its previous full-year forecast for the current fiscal year (started on October 1, 2020). Company said that it expects pandemic to have a minimal impact on the remainder of the fiscal year and that strong demand for copper and high prices will support its results.
MAN (MAN.DE) jumped 30% today. Share price surge was triggered by plans of Traton, a subsidiary of Volkswagen (VOW1.DE). Traton offered €70.68 per share to minority shareholders of MAN in an attempt to buy the remaining 5% stake in the company it does not currently own.
Deutsche Bank (DBK.DE) launched today's trading near recent highs at 127.2% exterior retracement of the recent downward correction. However, shares pared gains following headlines saying that the bank was sued by Malaysian authorities. Nevertheless, downward movement lost steam already and shares may once again look towards recent highs. Source: xStation5
