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Stocks in Europe trade higher in spite of mixed moods during Asian session
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DE30 surges to fresh YTD high
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German carmakers gain on solid registration numbers
In spite of mixed moods spotted during Asian trading hours, stocks in Europe opened higher on Tuesday. Shares from Germany, Spain and Russia outperformed the most during the opening while Polish and Dutch equities were among top laggards. The upbeat moods prevailed and after an hour of trading, DAX reached fresh YTD high.
Source: xStation5
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Create account Try a demo Download mobile app Download mobile appDE30 finally made a break out of the consolidation range that has limited its moves during the past two weeks. Strong upward move was launched after the opening of today’s cash session. The index smashed through resistance levels at 13265 and 13300 pts and continue to move higher. In turn, a fresh YTD high can be spotted on DE30 chart. In fact, the German index is trading at the highest level since January 2018. With 13300 pts handle cleared out, the way towards ATH above 13550 pts is open. There were no particular news accompanying this stunning rally and the index was led higher by the automotive sector. Looking ahead, traders should keep in mind that preliminary PMIs for November will be released on Friday and they could be market movers.
Automotive companies can be found among DAX leaders today. Source: Bloomberg
German carmakers - Volkswagen (VOW1.DE), BMW (BMW.DE) and Daimler (DAI.DE) - are trading higher today. Good performance of the sector can be ascribed to data released by the European Automobile Manufacturers Association (EAMA). EAMA said that car registrations rose 8.6% YoY in October and reach 1.21 million vehicles. Solid result for October lowered YTD decline to 0.7% YoY. It should be noted that October figures were subject to a lower base as year-ago sales were impacted by the introduction of new emission tests. Having said that, there is a chance that we will see beats in November and December as well and, in turn, registration growth in full-2019.
According to La Informacion report, Deutsche Boerse (DB1.DE) is considering placing a bid for the Spanish stock exchange, BME. The operation is said to be in an early stage. However, neither Deutsche Boerse, nor BME commented on these revelations so far.
Deutsche Boerse (DB1.DE) is trying to recover from a slump started in mid-October. Share price smashed through the resistance zone at 38.2% Fibo level (€138.25) and is eyeing a test of the next swing level at €139.30. Source: xStation5
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