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European stock markets trade mostly lower
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DE30 attempts to break above the trading range
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Deutsche Post boosted full-year forecast after preliminary results
European stock markets trade lower at the beginning of a new week. Equities from the Old Continent mimic poor performance of stocks in Asia earlier today. Spanish IBEX (SPA35), UK FTSE 100 (UK100) and Polish WIG20 (W20) are European top laggards while German DAX (DE30) and Italian FTSE MIB (ITA40) are among a few that manage to trade higher.
Source: xStation5
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Create account Try a demo Download mobile app Download mobile appWhile DAX is one of the few European indices trading higher today, scale of gains is minor. Technical situation has changed little as well. The index attempts to break above the upper limit of the short-term trading range at 15,240 pts. DE30 surged ahead of the European cash open and reached a daily high near 15,290 pts but this move has been erased already and the index is once again trading near the upper limit of the range. In case bulls run out of steam and a pullback starts, the first support to watch can be found at the lower limit of the trading range at 15,175 pts.
Company News
According to preliminary results, Deutsche Post (DPW.DE) had EBIT of €1.9 billion in Q1 2021, up from €592 million in Q1 2020. Company said that it now expects its full-2021 operating profit to be significantly above €5.6 billion.
Ola Kallenius, CEO of Daimler (DAI.DE), said that a new range of full-electric sedan will feature top technology and generate decent returns right from the beginning. He said that when it comes to electric vehicles logic stays the same and the premium segment generates the highest returns. Kallenius also said that Daimler may become carbon neutral by 2039.
SK Innovation, major supplier of Volkswagen (VOW1.DE), reached a settlement with LG Chem. SK Innovation agreed to pay $1.8 billion to LG Chem in order to settle a trade secrets lawsuit. SK Innovation threatened to abandon plans of setting up a battery factory in Georgia, United States, that would supply Ford and Volkswagen, if favourable settlement was not reached.
Deutsche Post (DPW.DE) extends upward move on the back of upbeat preliminary results and upgraded outlook. Stock has broken above the upper limit of the upward channel and trades at fresh record high. Shares gained around 19% so far this year. Source: xStation5
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