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European markets trade higher
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DE30 struggles at 13,000 pts
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Suedzucker (SZU.DE) drops in spite of solid H1 earnings
European markets are trading higher on Thursday as investors look past record Covid-19 numbers and a fading prospect of a big US stimulus deal. Nancy Pelosi and Steven Mnuchin are set to hold talks over a partial stimulus deal later in the day but the idea has gathered limited support so far.
Source: xStation5
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Open real account TRY DEMO Download mobile app Download mobile appDE30 tested a psychological 13,000 pts mark earlier today. The index failed to make a break above this hurdle and a small pullback has occurred since. Looking at the index at D1 perspective, one can see a potential head and shoulders pattern. Ongoing bounce should see the index reach 13,100 pts area before pulling back if the right arm of the pattern is to build up. Target of this pattern can be found near the 200-session moving average (purple line, 12,150 pts area. Traders should keep in mind that slightly elevated volatility may be present on global equity markets at 12:30 pm BST (ECB minutes release) and 1:30 pm BST (US jobless claims data)
Company News
Daimler (DAI.DE) said that it plans to reduce costs at its Mercedes-Benz brand by over 20% over the next five years. Reduction will apply to fixed costs, CapEx and R7D spending.
Suedzucker (SZU.DE) is one of the worst performing German stocks today. Company is trading 10% lower in spite of releasing a solid fiscal-H1 earnings report. German company reported operating income of €129 million, up from €74 million a year ago. Total revenue increased 1% YoY, to €3.349 billion. Weaker performance of fruit business was offset by solid performance of sugar business, that benefited from an increase in sugar prices.
ProSiebenSat.1 (PSM.DE) received an upgrade at Goldman Sachs. Recommendation for the stock was raised from "neutral" to "buy" while the price target was boosted from €12.10 to €14.60.
Nemetschek (NEM.DE) received an upgrade at Barclays. Recommendation for the stock was raised from "neutral" to "buy" while the price target was boosted from €60 to €75.
DAX members at 10:37 am BST. Source: Bloomberg
