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Europeans stock markets erase part of gains
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DE30 drops below 15,900 pts after failed test of 15,970 pts area
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Airbus receives $4.9 billion order from Jet2
European stock markets are trading higher on Wednesday. However, a big part of the gains made at the start of today's session have already been erased. Two big events scheduled for today are OPEC+ meeting (4:00 pm BST) and ADP employment report release (1:15 pm BST). While the former is unlikely to have a major impact on stocks, the latter may trigger some moves.
Source: xStation5
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Open account Try demo Download mobile app Download mobile appDE30 regained much of the ground lost yesterday during the overnight trading. Index rallied towards the 15,970 pts area, where the advance was halted. Pullback was launched and DE30 erased a big part of the gains made earlier. This is the second day in a row when the German index experienced a steep downward move that erased previous gains. However, taking a look at the index at the H4 interval shows us that a sequence of higher highs is left intact, suggesting that uptrend is still in play. Having said that, the situation may become worrying once the index drops below the 15,790 pts area, where the most recent local low is located. Apart from the retracement, the zone is also strengthened by the upward trendline and the 23.6% retracement of the upward move launched in mid-July.
Company News
Airbus (AIR.DE) has received a massive order worth $4.9 billion for its jets from UK airline, Jet2. Jet2 has been a customer of the US planemaker Boeing before and a switch to Airbus can be seen as a big win for the European aviation company, especially given how big the order is. Jets are expected to be delivered in 2023-2028.
According to a ranking compiled by the Reinsurance News and based on data from rating agencies, Munich Re (MUV2.DE) reclaimed a top spot among world's insurers measured by gross reinsurance premiums written in 2020. Munich Re had over $45.8 billion in premiums last year. Hannover Re (HNR.DE) came in at the third spot with 2020 premiums at $30.4 billion.
Hannover Re (HNR.DE) is trading higher today. Stock makes another attempt of breaking above the resistance zone ranging between 78.6% retracement of the downward move launched in June 2020 and the €158 mark. Braking above this zone would mean reaching a 1-year high for the stock. Source: xStation5
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