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European indices continue upward move
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DE30 breaks above 16,000 pts
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TeamViewer reported preliminary results
European stock market indices trade higher on Wednesday. Upward move started after Monday's drop continues with German DAX moving above 16,000 pts. Polish WIG20 (W20) and Russian RTS (RUS50) are the best performing blue chips indices from Europe, gaining around 1.4% each. Indices from Western Europe trade 0.4-0.8% higher. US CPI inflation data in the early afternoon is a key event of the day and may result in elevated volatility in the markets.
Source: xStation5
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Create account Try a demo Download mobile app Download mobile appDE30 finally managed to break above the 16,000 pts resistance zone after a few attempts. However, upward move was halted after reaching 16,060 pts area. Index pulled back but found support in the aforementioned 16,000 pts area, that was additionally strengthened by local market geometry. If bulls manage to defend this level, a move towards 16,100 pts could come next. Equities may experience volatility jump later today when US CPI data is released (1:30 pm GMT).
Company News
According to a Reuters report, Cerberus Capital Management may fully exit the German banking sector. Investment company announced yesterday that it is lowering its stake in Commerzbank (CBK.DE) from 5 to 3% and in Deutsche Bank (DBK.DE) from 3 to 2%. It is said that Cerberus bought stakes in both banks in 2017 as it expected a merger between the two. However, as now merger looks highly unlikely, it wants to sell stakes in both lenders.
TeamViewer (TMV.DE) released preliminary results for Q4 2021. Company reported billings growth of 20% YoY. Number of subscribers at the end of 2021 reached 627 thousand, up 7.3% YoY. Company said that it sees full-2021 billings at €548 million and adjusted EBITDA of €254-257 million. TeamViewer will release full results on February 2, 2022.
Shares of TeamViewer (TMV.DE) jumped after the announcement of preliminary Q4 results. Stock jumped above the resistance zone at 50% retracement of the drop started in early-November 2021. Price tested resistance at 61.8% retracement (€13.44) earlier today but failed to break above. Source: xStation5
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