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European indices trade higher
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DE30 bounces off the lower limit of the range
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Deutsche Bank, Linde and Sap further limit activity in Russia
European stock market indices are trading higher on the final trading day of the week. German DAX (DE30) and Dutch AEX (NED25) are top performers, gaining around 0.9% each. On the other hand, Polish WIG20 lags behind with a 0.2% drop at press time.
The German Ifo Institute released a business climate report for March today. Current conditions subindex dropped from 98.6 to 97.0 (exp. 96.5) while expectations subindex dropped from 99.2 to 85.1 (exp. 92.0). As a result, the headline business climate index plunged from 98.9 (revised to 98.5) to 90.8 (exp. 94.2). Ifo economists noted that the supply chain situation deteriorated due to war in Ukraine and price expectations have increased.
Source: xStation5
DE30 bulls once again managed to defend the lower limit of current trading range in the 14,200-14,250 pts area. Index broke back above 50-hour moving average (green line) and is now moving towards the upper limit of the range at 14,500-14,550 pts. Economic calendar for today is empty and there aren't any other potential catalysts for a large move in sight. Having said that, a steady move towards the upper limit of the range may be on cards. As usual, a short-term jump in volatility is expected near Wall Street session opening at 1:30 pm GMT.
Company News
Deutsche Bank (DBK.DE) has already announced earlier that it will cease majority of its business in Russia. However, this is not the end of actions taken by the Bank in the wake of the Russian invasion of Ukraine. Deutsche bank said that its wealth management unit stopped accepting new Russian clients living outside of Russia
SAP (SAP.DE) announced that it will halt its cloud operations in Russia. Move comes on top of the previous decision to halt product sales in the country in the wake of the Russian invasion of Ukraine.
Linde (LIN.DE) announced that in order to comply with international sanctions it will suspend all business development for new projects in Russia. This means a potentially huge setback for the Russian Arctic LNG 2 project for which Linde was providing technology for the liquefaction process.
Analysts' actions
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Duerr (DUE.DE) rated "underperform" at Exane. Price target set at €29.00
Deutsche Bank (DBK.DE) recovered more than half of losses made during the recent sell-off. Stock broke above the price zone marked with 50% retracement of the move but the upward move stalled on €11.90 swing level. This is a key near-term resistance to watch with €12.55 being the next one. Source: xStation5
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Morning wrap (29.10.2025)
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