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European stocks with another higher opening
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DAX breaks above 13700 pts handle for the first time in history
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BMW (BMW.DE) to cut CO2 emissions by 20% this year
European stocks continue to enjoy strong bullish momentum and opened higher for another day in a row. German DAX broke above 13700 pts mark for the first time in history. Carmakers and miners are European leaders while utilities and health care stocks are top laggards.
Source: xStation5
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Create account Try a demo Download mobile app Download mobile appDE30 managed to break to new all-time highs thanks to persisting optimism on global equity markets. The German index broke above the 13700 pts mark for the first time in history today. However, upward move was halted near the 161.8% exterior retracement of the downward correction started on February 6. This retracement more or less coincides with the aforementioned 13700 pts handle, what makes it an important resistance level. This is the key level to watch throughout today’s session. In case of a pullback, the nearest support can be found at a recent swing level of 13650 pts.
DAX members at 9:28 am GMT. Source: Bloomberg
Oliver Zipse, CEO of BMW (BMW.DE), said that his company will reduce carbon dioxide emissions by 20% this year. Two-thirds of reductions will be achieved through development of electric cars while the remaining part will be achieved through improvements to combustion engines. Executive also said that BMW will reopen factories in China on February 17.
Share price of Deutsche Telekom (DTE.DE) jumped significantly yesterday after US judge approved merger of T-Mobile US, subsidiary of Deutsche Telekom, and Sprint (S.US).
Volkswagen (VOW1.DE) won a ruling that blocked former FBI Director, Louis Freeh, from testify as an expert in US diesel cheat trial. In his expert report he stated that Volkswagen should be fined anywhere between $34 and $68 billion instead of $2.8 billion fine imposed by the US Justice Department.
Board of the Deutsche Boerse (DB1.DE) will meet tomorrow to discuss whether to extend the term of incumbent CEO, Theodor Weimer, by 3 years or not.
Analyst actions
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Bernstein initiated coverage of Zalando (ZAL.DE) with an “outperform” rating. Price target was set at €53.30
Deutsche Telekom (DTE.DE) surged yesterday on the news that its subsidiary received green light to merge with Sprint (S.US). However, further upside for the stock is being limited by the resistance zone ranging around €15.50 handle. The stock is trading higher today and in case the momentum upholds, a move towards the €15.85 handle could be on the cards. Source: xStation5
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