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European stock markets trade lower
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DE30 bounces off 78.6% retracement in 12,400 pts area
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Puma closes stores in Russia
European stock markets launched a new week lower amid a surge in oil prices and continued fighting in Ukraine. European stock markets bounced off the daily lows but continue to trade deep below last week's closing prices. As the economic calendar for today is empty, news headlines are expected to drive sentiment.
Source: xStation5
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Open account Try demo Download mobile app Download mobile appEuropean indices plunged at the beginning of new week's trading with big bearish prices gaps and continued to move lower. In case of DE30 declines were halted at 78.6% retracement of the upward impulse launched in November 2020 (12,400 pts area). Index started to regain losses but continues to trade over 3% below last week's close. In case recovery continues, the 13,150 pts price zone will be resistance to watch. Economic calendar today is empty so traders should look out for news headlines as potential volatility triggers. Third round of Russia-Ukraine talks is expected to be held today but no majo breakthrough is expected.
Company News
Puma (PUM.DE) decided to close its stores in Russia in the aftermath of the Russian invasion of Ukraine. Deliveries to 100 stores the company has in Russia were already halted earlier and now all operations of those stores have been suspended.
Volkswagen (VOW1.DE) announced that it has chosen Wolfsburg, Germany as a location for its new €2 billion EV factory. New site will oversee production of the Trinity sedan that is expected to be launched in 2026. Plant will have production capacity of 250 thousand cars per year
RWE (RWE.DE) along Dutch Gasunie signed a memorandum of understanding with German state lender KfW to build a LNG terminal in Brunsbuettel, Germany with an annual capacity of 8 bcm. RWE will have a 10% stake in the project.
Leoni (LEO.DE) announced that it will set up a task force to seek ways out of the crisis caused by the conflict in Ukraine. Wiring suppliers to major German carmakers had to shut down 2 factories in the country because of war. Shares traded 12.5% lower today.
Shares of Leoni (LEO.DE) plunged today as war in Ukraine significantly disrupted company's operations. Share price tested lower limit of the downward channel that coincides with a €7.00 support zone but bears failed to break below. Stock tries to recover from losses and the nearest resistance to watch can be found at €8.25. Source: xStation5
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