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European stocks trade higher after Easter
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DE30 reaches fresh all time high near 15,340 pts
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Alphabet to switch to SAP's financial software
European markets are posting big gains during the first trading session after the Easter break. German DAX (DE30) trades 1% higher, UK FTSE (UK100) adds 1.2% and French CAC40 (FRA40) gains 0.6%. Polish WIG20 (W20) is the best performing European blue chips index as it trades almost 2% higher. Russian equities trade lower and are top laggards.
Source: xStation5
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Open real account TRY DEMO Download mobile app Download mobile appDE30 launched trading with a big bullish price gap following Easter break. The upward move continued during the Asian trading hours and at the beginning of the European session. A fresh all-time high was reached slightly below the 15,340 pts mark. However, bulls were unable to hold onto those gains and a pullback was launched. The index has found a local support at 15,250 pts and attempts to launch another upward impulse from there are press time. The major resistance zone to watch ranges near the 15,400 pts handle and is marked with the 127.2% exterior retracement of the early-2020 pandemic drop.
Company News
SAP (SAP.DE) trades higher following CNBC report. CNBC claims that Alphabet will stop using financial software from Oracle and will switch to SAP products instead. Move is said to be limited only to financial software, and Alphabet will continue to use Oracle software for other purposes.
Lufthansa (LHA.DE) will ask shareholders at the Annual General Meeting to approve a capital increase plan. Interest rates on state-aid loans are expected to rise and Lufthansa wants to refinance them cheaper in the market. Company wants to raise €5.5 billion. News hit the market shortly before close of Thursday's session and has sent shares of the company lower.
Commerzbank (CBK.DE) announced that it will take a €470 million restructuring charge related to job cuts in its Q1 2021 results.
SAP (SAP.DE) jumped at the launch of today's cash trading. Reports saying that Alphabet will start using SAP's financial software are driving the upward move. Stock tested the resistance zone at €110 but has failed to break above. Breaking above this hurdle would pave the way towards the resistance zone at €116.50, marked with previous price reactions and the 200-session moving average. In case SAP fails to break above €110, a pullback towards €103 area may be on the cards. Source: xStation5
