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European stocks trade higher
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DE30 reaches daily high at 14,790 pts
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Allianz bought Aviva's Polish unit
Stock markets in Europe are trading higher following weaker performance at the beginning of this week. European indices managed to recover greatly yesterday in the afternoon and German DAX is trading less than 100 points below its all-time high in the 14,800 pts area. Russian, Polish and Austrian equities are Europe's top performers today while French and Italian indices gain the least.
Source: xStation5
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Create account Try a demo Download mobile app Download mobile appDE30 rallied yesterday afternoon and managed to break above the upper limit of the downward channel. Index reached a daily high near 14,790 pts at the beginning of today's cash session, just slightly below its all-time high in the 14,800 pts area. However, the index pulled back below the short-term resistance zone at 14,745 pts later on. Short-term support to watch in case pullback deepens can be found at 23.6% retracement of the upward move started yesterday (14,704 pts). Keep in mind that today's economic calendar is almost empty and rebalancing flows may play increasingly important role as quarter's end looms.
Company News
Aviva, the UK insurer, said that it has sold its Polish operations to German insurer Allianz (ALV.DE). Deal is valued at €2.5 billion and will be settled in cash. However, as Allianz will also buy Santander's minority stake in Aviva's Polish unit, total deal value is €2.7 billion.
According to a Reuters report, Christian Sewing, CEO of the Deutsche Bank (DBK.DE) is willing to give up the investment bank oversight role. Regulators expressed concern earlier that combining a top investment banker job with CEO duties may expose Deutsche Bank to operational risks.
Commerzbank (CBK.DE) informed yesterday that Andreas Schmitz resigned from the supervisory board with immediate effect. Schmitz was rumoured to be a candidate for the next Chairman of the Commerzbank. According to Reuters sources, his departure was related to his involvement in a share manipulation scheme in the past.
Allianz (ALV.DE) is trading higher today. Stock is approaching the upper limit of a recent short-term trading range at €215. Post-pandemic highs can be found slightly above it at €217.80. Failure to break above €215 may see share price pull back towards recent lows near the 23.6% retracement (€210). Source: xStation5
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