• Germany Covid-19 cases hit new high
• DAX is testing the upper limit of the triangle pattern
• Daimler (DAI.DE) plans to increase Maybach sales in China
• DAX is testing the upper limit of the triangle pattern
• Daimler (DAI.DE) plans to increase Maybach sales in China
European stocks edged higher on Friday after a negative start, with DAX 30 gaining 0.2% and other major indexes advancing between 0.2% and 0.7%. Investors continue to follow rising coronavirus cases and vaccine news. Germany reported record number of 23,676 new infections today, the most since the pandemic began. Meanwhile European Commission President Ursula von der Leyen said that COVID-19 vaccines could be approved before the end of the year. At the same time, European Union leaders made no progress toward resolving a dispute to unlock a €1.8 trillion budget and pandemic recovery package. Meanwhile a decision from the US Treasury Secretary Mnuchin to allow the Fed’s emergency lending programs to expire by the end of the year weighed on the mood. Brexit negotiations between EU and UK were suspended after one of them testing positive for Covid-19. Both sides will continue the talks online as they race against the clock to get the deal over the line.
DE30 – is testing the upper limit of the tightening triangle formation that also coincides with 50- and 200-hour moving averages. If buyers manage to break above it, an upward impulse towards 13300 pts could be launched. However if sellers manage to take control on the market, then downward move into 12917 pts is possible. Source: xStation5Daimler (DAI.DE) plans to double sales of its luxury Maybach vehicles, thanks to constantly increasing demand in China. Company sold a record 12,000 Maybachs in 2019 which are used widely as limousines in China, the car's most popular market. The growth rate in China for Maybach was in double figures while Russia, South Korea and the US have shown strong sales, according to its chief executive Ola Kaellenius.
Daimler (DAI.DE)- stock managed to break above the upper limit of the upward channel that also coincides with 200-hour moving average (red line). Should upbeat moods prevail resistance at €60.34 may come into play. However if sellers will manage to regain control, then nearest support lies at €49.87. Source: xStation 5Deutsche Bank (DBK.DE) - head of International Private Bank unit, Claudio de Sanctis, told Bloomberg that the bank seeks to take a “more conservative approach” toward sectors, including aircraft, commercial real estate, retail and travel, which have been hit hard by the coronavirus outbreak. The bank's exposure to loans to the abovementioned sectors, including oil and gas, was around EUR 46 billion or 11% of all loans at the end of September.
Volkswagen (VOW3.DE) recently said the German government's 3 billion euro ($ 3.57 billion) scheme which aims to provide support for production of low-emission cars create a signal that politicians would help lift the country's key export industry out of the coronavirus and climate crises. A main point of the scheme is the allocation of 1 billion euros to extend to 2025 a consumer rebate for buying electric cars that had been due to end next year.
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