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Stock markets in Europe trade higher
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DE30 broke above 15,100 pts for the first time
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Henkel expects organic sales growth of around 7% in Q1 2021
European stock markets are trading higher on Thursday. Indices from the Netherlands, the United Kingdom, Austria and Belgium are European top performers. German DAX and French CAC40 trade around 0.4% higher. OPEC+ meeting is a key event of the day but it may have limited impact on the markets as it is widely believed that the group will decided to extend output cuts.
Source: xStation5
DE30 broke above the 15,100 pts handle for the first time today. Upward move was halted at the upper limit of a very steep short-term upward channel. Lower limit of the channel, and the first support level to watch, can be found at around 15,060 pts. Next short-term support can be found slightly lower at 15,035 pts and is marked with previous price reactions as well as the 161.8% exterior retracement of the downward move started on March 18. In case this is not enough to stop bears, a more important support level can be found at 14,980 pts, where the lower limit of a local market geometry can be found. Lower limit of the large Overbalance structure at 78.6% retracement (14,720 pts) marks key support.
Company News
Henkel (HEN3.DE) said that it expects sales growth of around 7% in the Q1 2021. That's around twice as high as the current market consensus. Strong results are said to be driven by organic sales growth of 12.5% in the Adhesive Technologies unit. Beauty Care unit is expected to post growth of 1% while Laundry & Home Care unit is seen generating 3.5% higher sales in Q1 2021.
According to a Bloomberg report, Deutsche Bank (DBK.DE) has sold around $4 billion in stock holdings linked to Archegos Capital. German lender executed a quick sale of holdings via a private deal on Friday. Thanks to a quick action, the German lender is said to have avoided any losses related to the situation.
Daimler (DAI.DE) has appointed Bernd Pischetsriede as a new Supervisory Board Chairman.
DAX members at 10:37 am BST. Source: Bloomberg
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