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European stocks plunged at the beginning of today's session
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DE30 tests 13,000 pts mark
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Volkswagen is not seeking deal with Tesla
European stock market indices started today's session with gains but those were quickly erased. A strong downward move that occured at the start of the cash session brought all major benchmarks from the Old Continent below yesterday's closing prices. Traders are waiting for the first Wall Street session after a long weekend in the United States.
Source: xStation5
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Create account Try a demo Download mobile app Download mobile appEuropean indices, including DAX, managed to book strong gains yesterday but a downward move was resumed today. DE30 managed to climb above the resistance zone marked by 200-hour moving average (purple line) and 50% retracement but failed to hold onto these gains. Following a steep downward move at the start of today's European cash session, the index is once again trading near psychological 13,000 pts handle. Breaking below it would pave the way towards a support at 12,850 pts. Should we see a bounce higher, near-term resistance can be found in the 13,100 pts area (50% retracement and 200-hour moving average). With lack of any major releases scheduled for today, traders should focus on sentiment. Elevated volatility is expected at the start of Wall Street session as the market will react to recent S&P 500 rebalancing announcement. Let us recall that in spite of high market expectations and meeting all criteria, Tesla failed to get included.
Company News
Herbert Diess, CEO of Volkswagen (VOW1.DE), denied that his company is planning to make a cooperation deal with Tesla (TSLA.DE). Speculations over such a deal began when Elon Musk, CEO of Tesla, met with Diess during his recent trip to Germany.
Delivery Hero (DHER.DE) announced that it will issue 106,026 new registered shares, representing 0.05% of registered share capital.
DAX members at 10:23 am BST. Source: Bloomberg
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