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European equities rise at the beginning of a new week
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DE30 breaks above the upper limit of the trading range
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Lufthansa (LHA.DE) gains as Verdi union calls off catering unit strike
Stock markets in Europe launched new week higher thanks to solid reading of the Chinese PMIs for November. Gains can be seen all across the Old Continent with Western Europe leading. On the other hand, shares in Poland lag and trade slightly below Friday’s closing prices. Miners are the best performing sector group, thanks to a major rebound on the commodity markets.
Source: xStation5
DE30 tested the 50- and 100-hour moving averages (green and red lines respectively) at the start of the European cash session. Buyers not only managed to defend those technical support but also delivered a massive surge. The German index broke above the upper limit of the trading range at 13300 pts and, so far, manages to stay above it. However, one should keep in mind that the surge was quite a steep one therefore there is a chance that some kind of a corrective pullback will take place. In such a scenario, traders should focus on the aforementioned 13300 pts zone as a successful retest could confirm a breakout.
DAX members after the first hour and a half of trade. Source: Bloomberg
Deutsche Lufthansa (LHA.DE) can be found among DAX top movers today. The German carrier is trading higher as Verdi labour union cancelled a catering unit strike scheduled for today. The cancellation came after the labour union received an improved offer from the carrier. The union tries to win an assurance from Lufthansa that wages will not shrink after planned sales of some operations to Gategroup Holding.
Two German utility companies - E.ON (EOAN.DE) and RWE (RWE.DE) - received upgrades. The former was raised to “neutral” from “sell’ at Goldman Sachs and had its price target set at €9.70. On the other hand, RWE was raised to “overweight” at Morgan Stanley and had its price target set at €32. Nevertheless, both companies trade lower after the first hour of trade.
Reuters reported that US Department of Justice is expanding a prove into Deutsche Bank’s (DBK.DE) role in Danske Bank money laundering scandal. However, the German lender quickly rejected those claims, saying that it is not aware of any widening of the investigation.
Jefferies initiated coverage of Adidas shares (ADS.DE) with a “hold” recommendation. Price target was set at €292, implying a 3% increase against Friday’s closing price.
Deutsche Bank (DBK.DE) took a dive at the beginning of the session with Reuters report being the reason behind the drop. Share price tested the €6.50 handle but, so far, bears failed to break lower. Traders should focus on this handle in the remaining part of the session as it is the nearest key support to watch and saw a few price reactions already. Source: xStation5
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