• New coronavirus-led restrictions in several European countries
• Deutsche Bank (DBK.DE) and Volkswagen’s (VOW3.DE) stocks below major support levels
Risk-off moods can be spotted during the first session of the week with bank shares being among the worst performers. BuzzFeed News and International Consortium of Investigative Journalists released a report based on leaked documents which reveals that several big banks including HSBC and Standard Chartered transferred large sums of illicit funds over nearly two decades. Also increasing numbers of new COVID-19 infections weighed on market sentiment. Several European countries including Spain and the UK consider imposing new restrictions. British Prime Minister Boris Johnson was on Monday pondering a second national lockdown as an accelerating coronavirus outbreak threatened to destroy any shoots of economic recovery and send millions back into isolation. Meanwhile according to the Financial Times, ECB launched a review of its pandemic bond-buying program to consider how long it should continue and whether it should be transferred to the ECB’s longer running asset-purchase schemes.
DAX members at 10:17 am BST. Source: Bloomberg
Volkswagen’s (VOW3.DE) stock broke below the major support level at €142.50 which was additionally strengthened by 50 MA (green line) and 200 MA (red line). Should sellers manage to uphold momentum, then support at €127.86 may be at risk. Source: xStation5Deutsche Bank (DBK.DE) shares dropped over 5% as its money laundering vulnerabilities were known by its top executives, according to the Buzzfeed report. Deutsche Bank said it has learned from past weaknesses and said “we are a different bank now.”
Deutsche Bank (DBK.DE) stock launched today’s session with a bearish price gap. Price broke below the key support at €7.37 and deeper decline may be on the cards now. Should the current sentiment prevail, major support can be found at €6.40.Source: xStation5 Fresenius Medical Care(FME.DE), the world’s leading provider of dialysis products and services, announced last week the launch of the organization’s first World Patient Safety Day initiative to raise awareness of the importance of ultrapure dialysis fluid for developing economies across Asia Pacific.
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