- European indices trade higher
- DE40 remains near all-time highs
- Thyssenkrupp jumps on Bloomberg report
Major European stock market indices trade slightly higher during the first trading session of a new week. This comes following an upbeat trading during the Asia-Pacific session, during which majority of regional indices gained. German DAX trades almost 0.3% higher on the day, UK FTSE 100 adds 0.1%, while French CAC40 trades flat. Polish WIG20 can be found among top performers with 0.5% gain while Swiss SMI is a top laggard with 0.5% drop.
Source: xStation5
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Create account Try a demo Download mobile app Download mobile appGerman DAX futures (DE40) trade near record highs, following last week's futures rollover. Taking a look at the chart at 30-minute interval (M30), we can see that the index reached fresh all-time highs near 18,325 pts on Friday last week. Price pulled back from this area, but the move lower was halted in the 18,210 pts area. Subsequent attempts to recover were halted by a short-term resistance zone in the 18,290 pts area. A bullish trendline can be drawn with post-rollover lows, suggesting that bulls are still in control.
Company News
Hannover Re (HNR.DE) reported Q4 2023 EBIT at €134 million, up from a €146 million loss a year ago, and a net income of €425 million (exp. €403 million), up from a €335 million loss in a year ago quarter. Property & Casualty combined ratio increased from 94% in Q4 2022 to 101.1% in Q4 2023 (exp. 93.1%). Return on equity in Q4 2023 reached 17.3%. Full-year 2023 net income reached €1.8 billion and was in-line with expectations. Hannover Re boosted annual dividend by 20%, from €6.00 to €7.20 per share. Company expects 2024 return on investment of at least 2.4%, and net income of at least €2.1 billion (exp. €2.15 billion).
Thyssenkrupp (TKA.DE) trades over 4% higher today, following a Bloomberg report. Bloomberg reported that Carlyle Group, a private equity firm, is about to enter advanced negotiations to acquire a majority stake in Thyssenkrupp's naval shipbuilding unit. It is said that the deal could value the business at about €1.5 billion, including debt. Separately, it was reported that Thyssenkrupp is also in talks to sell about a 25% stake in the unit to the German government.
According to Bloomberg report, Korean Air nears a deal to buy 20 A350 widebody jets from Airbus (AIR.DE). Report says that the deal could be announced as soon as this week, but it will depend on the outcome of board meeting on March 21, 2024.
Analysts' actions
- Sartorius (SRT.DE) was rated 'buy' at Stifel. Price target set at €415.00
Thyssenkrupp (TKA.DE) jumped today on reports that talks with Carlyle Group on sale of naval shipbuilding unit are above to enter advanced phase. However, stock is still trading over 20% year-to-date lower. Source: xStation5
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