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European markets trade higher
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DE30 breaks back above 13,000 pts
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Siemens got €400 million in orders for light rail vehicles
European stock market indices are posting small gains on Tuesday morning. However, gains are quite minor and most of the indices still remain below levels seen in the earlier part of the week. There are no key macro releases scheduled for today but investors will get to hear from ECB and Fed members throughout the day. Goldman Sachs (around 12:30 pm BST) and Wells Fargo (around 1:00 pm BST) will report earnings ahead of the US open and it could have an impact on overall sentiment.
Source: xStation5
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Create account Try a demo Download mobile app Download mobile appDE30 dropped below the lower limit of the Overbalance structure at 12,985 pts but managed to climb back above it after testing previous local peaks at 12,950 pts. Index climbed back above 13,000 pts mark but is struggling to hold gains. Key near-term resistance can be found at 13,125 pts but 50-hour moving average in the 13,060 pts area may also offer some resistance. Looking lower, near-term support can be found at the aforementioned 12,950 pts handle while key support can be found at the zone at 12,900 pts, marked with previous price reaction and 200-session moving average (purple line). Elevated volatility may be present during US bank earnings release (12:30-1:00 pm BST) and near US session open (2:30 pm BST).
Company News
Covestro (1COV.DE) announced a capital increase yesterday. Company will place 10.2 million newly issued shares with institutional investors. Offering was priced at €43.85 per share and resulted in proceeds of €447 million. New shares will start trading on Frankfurt exchanges on October 16. Apart from that, Covestro received an upgrade at Kepler Cheuvreux. Financial services company boosted recommendation for the stock from "neutral" to "buy". Price target was raised from €41 to €54.
Siemens (SIE.DE) said that its Mobility unit got orders worth almost €400 million for light rail vehicles. Deliveries will start in 2025. Contract includes maintenance service for 24 years.
BASF (BAS.DE) received an upgrade at Kepler Cheuvreux. Financial services company boosted recommendation for the stock from "neutral" to "buy". Price target was raised from €51 to €63.
DAX members at 10:37 am BST. Source: Bloomberg
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