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European indices trade lower
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DE30 breaks below short-term downward trendline
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Vonovia declares lower dividend per share for 2021
European stock market indices are trading lower on the final trading day of the week. While opening of today's cash session on the Old Continent was mostly flat, European indices started to move lower later on. German DAX and French CAC trade over 1% lower at press time. Indices from Eastern Europe are outperformers but even in this group the majority posts small declines.
Source: xStation5
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Open account Try demo Download mobile app Download mobile appDE30 failed to break above the 14,550 resistance zone earlier this week and started to pull back. The German index dropped below the short-term downward trendline this morning and is currently testing a short-term swing level at 14,240 pts. A break below could hint that a drop towards the 14,045 pts support is looming. Key support zone to watch can be found in the 13,800 pts area and is marked with the lower limit of the Overbalance structure.
Company News
Vonovia (VNA.DE) reported a drop in 2021 net profit from €3.23 to 2.64 billion. Adjusted EBITDA increased from €1.91 to €2.27 billion. Revenue was 18.5% YoY higher at €5.18 billion. Company decided to declare a €1.66 dividend per share, down from €1.69 a year ago. Vonovia expects EBITDA and FFO growth over 20% in 2022. Company said that acquired Deutsche Wohnen will be fully integrated into the company's structures at the beginning of 2023 and continues to expect synergies of €105 million to be achieved in 2024.
Analysts' actions
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Siemens (SIE.DE) upgraded to "overweight" at Morgan Stanley. Price target at €165.00
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Fraport (FRA.DE) upgraded to "buy" at HSBC. Price target at €60.00
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Telefonica Deutschland (O2D.DE) downgraded to "neutral" at UBS. Price target set at €2.60
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Lufthansa (LHA.DE) downgraded to "underperform" at Exane. Price target set at €5.50
Vonovia (VNA.DE) is trading lower after declaring a lower dividend per share than a year ago. Stock is pulling back from the upper limit of the downward channel and is currently trying to break below the support zone marked with 61.8% retracement of the post-pandemic upward move (€46.50 area). Breaking below would pave the way for a test of recent local low in the €43.35 area. Source: xStation5
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