DE30: European markets start the week on a positive note

• European stocks higher on upbeat China data
• Amazon buys 1,800 electric vans from Daimler (DAI.DE) 
• Iran to challenge US suit to seize $1.7bn held by Deutsche Boerse (DB1.DE) unit

 

European indices launched today's session higher as PMI figures from China showed both factory and services activities expanded at a much faster pace in August which raised optimism over an economic recovery. Meanwhile, investors keep closely monitoring coronavirus developments as Europe is still strugling with the second wave of infections. France reported 5,453 new cases on Sunday following a spike the previous day when it registered the highest number of cases since mid-March. Other European countries are also seeing a sharp increase in new cases. Today investors are waiting for the August inflation figures for Germany which will be relelased at 13:00 BST.

DE30 is trading near the upper limit of the ascending triangle pattern. If buyers manage to break above it, an upward impulse towards pre-pandemic highs at 13849.4 pts could be launched. On the other hand, once sellers regain control, the nearest support  lies at the upward trendline, which is additionally strengthened by 50 MA (green line). Source: xStation5

DAX members at 10:12 am BST. Source: Bloomberg

 

Daimler (DAI.DE) - Amazon  ordered 1,800 electric vans from Mercedes-Benz for its European delivery fleet, as part of the online retailer's plans to run a carbon neutral business by 2040. The order is the largest for Mercedes-Benz's electric vehicles to date and includes 800 vans for Germany and 500 for the United Kingdom.

Daimler (DAI.DE) - price  bounced off the upward trendline last week and rally. Looking on the chart from a technical point of view, one can see that the bullish golden cross formation has recently been formed. Should upbeat moods prevail, resistance at €44.50 per share may come into play. On the other hand, if  sellers will manage to regain control, then the  nearest support  lies at the upward trendline. Source: xStation5

 

Deutsche Boerse (DB1.DE) - over the weekend Iran's central bank announced it will take legal actions against the lawsuit filed in New York court by creditors seeking to seize $1.7 billion (1.27 billion pounds) of its assets held by Deutsche Boerse's Clearstream unit. There were no details given on which legal avenues Iran will take and when it will proceed to prevent the seizure of its “assets.” U.S. authorities have targeted Luxembourg-based Clearstream for years in an investigation over whether it violated U.S. money laundering and Iran sanction laws. Clearstream has denied these allegations.

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