- European indices are trading higher
- ECB President Lagarde speech
- EU fines Volkswagen (VOW3.DE), BMW (BMW.DE) $1 bln for emissions cartel
European indices launched today's session higher, attempting to erase yesterday's heavy losses. News that Pfizer (PFE.US) and BioNTech (BNTX.US) are developing a Covid-19 booster shot intended to target the highly transmissible delta variant lifted market sentiment as coronavirus variants are spreading across the globe, hurting the progress on the economic recovery. Following yesterday's European Central Bank minutes, ECB President Lagarde is scheduled to speak today at 11:00 am BST and markets will look out for comments regarding monetary policy. Meanwhile, finance ministers and central bankers from the G20 will meet in Venice today for a two day meeting and will discuss several topics including corporate tax reform and the economic recovery.
DE30 experienced steep downward moves during yesterday’s session, however sellers did not manage to break below support at 15280 pts and buyers regained control. In the early trading hours index broke above the lower limit of the consolidation range in the 15,450 pts area and is heading towards local resistance at 15580 pts which coincides with 50 SMA (green line) and 200 SMA ( red line). Should a break higher occur, then upward move may accelerate towards the upper limit of the range at 15740 pts. Source: xStation5.
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Create account Try a demo Download mobile app Download mobile appBMW AG (BMW.DE), Volkswagen AG (VOW3.DE) - yesterday European Commission imposed a fine of total $1 billion on both automakers, as well as VW’s Porsche and Audi units, after finding that both companies prevented competition in developing emissions-management systems.
Volkswagen AG (VOW3.DE) stock fell sharply during yesterday’s session however sellers failed to break below major support at €198.50 which coincides with the lower limit of the 1:1 structure. Stock launched today’s session higher and is heading towards local resistance at €219.00 which is strengthened by 50 SMA (green line). On the other hand, if sellers manage to regain control and break below the aforementioned support at €198.50, then next major support at €185.00 may be at risk. Source: xStation5
Daimler’s (DAI.DE) truck arm, Volkswagen’s (VOW3.DE) VWAGY heavy-truck business, the Traton Group, and the Volvo Group will form a joint venture (JV) for developing a network of high-performance public charging stations for electric heavy-duty long-haul trucks and buses around Europe.
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