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European stock markets trade higher
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DE30 defends lower limit of market geometry
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Allianz reportedly abandons plan for expansion on Irish residential property market
Stocks in Europe are trading higher with indices, like DAX (DE30), fully erasing yesterday's post-Powell drop. Blue chips indices from Germany, Spain and Italy outperform gaining around 1.5% each. Major indices from Belgium, Portugal and Switzerland are the only ones in Europe to trade less than 1% higher today. With Omicron fears receding once again, stocks from "pandemic winners" group are lagging.
Bulls from the DE30 market managed to defend a key support zone at 15,070 pts, marked with the lower limit of the local market geometry and 23.6% retracement of the upward move launched after US presidential elections in November 2020. The 15,400 pts area will be a big test for the recovery move as it is marked with the 200-session moving average (purple line). This moving average acted as an important swing level for over a decade. Source: xStation5
Stocks continue to seesaw on Omicron concerns. Fears returned yesterday and put pressure on travel stocks while boosting pandemic winners. Today the situation reversed again with pandemic winners, like HelloFresh (HFG.DE) or Sartorius (SRT.DE), dropping. Travel-related stocks - Airbus (AIR.DE), Lufthansa (LHA.DE) and Fraport (FRA.DE) - gain.
According to the Irish Times, Allianz (ALV.DE) decided to halt its plans on purchase of residential properties in Ireland. The Irish unit of Allianz reportedly lobbied against the plans in fear of potential reputational damage related to large companies buying properties in a tight, Irish residential market.
According to the Handelsblatt report, Deutsche Telekom (DTE.DE) will present the next Chairman ahead of Christmas. Confirmation will be made during the annual shareholders meeting on April 7, 2021/
LEG Immobile (LEG.DE) announced that it has bought around 15,400 apartments from troubled German real estate company, Adler Group. Apartments were bought for €1.29 billion and transfer is expected to occur on December 29, 2021.
In spite of reports saying that Allianz (ALV.DE) may abandon plans of increasing exposure to the Irish residential property market, shares of the company are trading higher, boosted by overall upbeat moods. Stock bounced of the €190 support zone at the beginning of this week. The resistance zone to watch can be found ranging below the 78.6% retracement of the 2020 pandemic drop (€207 area). Source: xStation5
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