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European markets trade higher
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DE30 halts recovery at 15,415-15,440 pts price zone
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Qatar Airways sues Airbus over jet defects
European stock markets are trading higher on Tuesday. Blue chips indices from the Old Continent managed to recover most of the losses made yesterday and are now trading more or less flat on the week. Main stock market indices from the Netherlands, Spain, Portugal and Austria trade over 1% higher. Polish WIG20 (W20) can be seen as top laggard as it trades just 0.1% above yesterday's close.
Source: xStation5
DE30 launched a recovery move after a bullish candlestick pattern was painted yesterday in the 15,100 pts area. The index recovered a bulk of recent losses but the upward move was halted at the resistance zone ranging between 50% of a recent Thursday-Monday drop (15,415 pts) and the 38.2% retracement of the downward move launched in mid-November (15,440 pts). DE30 corrected part of the recovery move this morning but bulls started to regain control over the market. The aforementioned 15,415-15,440 pts is a key near-term resistance zone to watch. In case sellers take over, attention will shift back to the 15,100 pts area near recent lows.
Company News
Qatar Airways sued Airbus (AIR.DE) over a defect that caused the carrier to ground 21 A350 jets, or 40% of its A350 fleet. Qatar Airways said that it has found paint blisters and corrosion in the lighting protection layer that could turn out to be a safety issue. Qatar Airways decided to take the case to the court on Monday after failing to come to an agreement with Airbus. Airbus accused the carrier of misrepresenting the problem. The dispute and safety issues made Qatar Airways not accept deliveries of new Airbus jets from June 2021.
S&P confirmed "BBB+" rating for Vonovia (VNA.DE). Ratings company lifted outlook for the German real estate company from "neutral" to "positive"
Leonhard Birnbaum, CEO of E.ON (EOAN.DE), said that he does not expect high power prices to drop anytime soon. He also added that they may rise further if flows through Nord Stream 2 pipeline do not begin.
Michael Zahn, CEO of the Deutsche Wohnen (DWNI.DE), announced that he will leave the company at the end of 2021.
Analysts' actions
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Deutsche Boerse (DB1.DE) upgraded to "buy" at UBS. Price target set at €165.00
Deutsche Boerse (DB1.DE) is trading higher following an upgrade at UBS. Stock broke above the resistance zone ranging around the 38.2% retracement of the downward move launched in mid-2020 and above the 200-session moving average (purple line). However, bulls struggle to push the price above 50-session moving average (green line). If they manage to clear this hurdle, the next major resistance to watch can be found in the €149.50 area, where local highs from April-November 2021 period can be found. Source: xStation5
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