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European indices trade lower
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DE30 drops below 15,500 pts support
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Airbus in talks with China for certification of A220 planes
Stocks in Europe are trading lower on Tuesday following a mixed Asian session. Declines can be spotted almost all across the Old Continent but it should be noted that the majority of European blue chips indices managed to recover from daily lows. Polish WIG20 (W20) can be seen as European outperform today as it resists downward pressures and trades flat.
Source: xStation5
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Create account Try a demo Download mobile app Download mobile appDE30 launched a downward move at the beginning of today's cash trading. Index plunged below a support zone at 50% retracement (15,500 pts area) and reached the lowest levels in a week. However, a point to note is that following a test of the 38.2% retracement (orange circle), buyers started to regain control over the market. DE30 is still trading lower on the day but off the daily lows. 15,450 pts area looks to be an important swing zone as false breakout below the aforementioned 15,500 pts zone were often halted there. Should we see a similar recovery and a move back above the 15,500 pts zone, German index may be set for more gains.
Company News
Airbus (AIR.DE) said that it is in talks with the Chinese aviation regulator over certification for its narrowbody A220 planes. Chinese airlines expressed big interest in the model.
Bjorn Gulden, CEO of Puma (PUM.DE), said that, in spite of shortage of shipping containers and factory closures in Vietnam, he is optimistic about the performance of Puma in Q3 and Q4 2021. Gulden said that Puma has a long-term potential to double its sales to over €10 billion.
Sartorius (SRT.DE) announced that it plans to expand its presence in the US by building a new plant in Michigan. New 130,000 square foot plant will be opened in late-2023 in Ann Arbor, Michigan. It will focus on solutions that help customers develop drugs that help cure and prevent diseases.
Airbus (AIR.DE) is pulling back today amid broad deterioration in moods on the stock markets. European planemaker has once again failed to break above the resistance zone ranging between €117.50 handle and the 78.6% retracement of 2020 pandemic drop. Near-term support can be found at €113.00. However, the stock is reacting to retracements of the 2020 pandemic drop and 61.8% retracement near €104.00 should be viewed as a key support. Source: xStation5
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