• European stock markets rebounded from worst day since June
• DE30 is testing local support level
• Lufthansa (LHA.DE) announced further cut to its fleet size and workforce
• DE30 is testing local support level
• Lufthansa (LHA.DE) announced further cut to its fleet size and workforce
European indices are trading higher today, attempting to rebound from their worst sell-off since June. However investors remain concerned that rising number of infections could force governments to introduce further restrictions in Europe and eventually could lead to fresh lockdowns. It is worth remembering that several European countries, including France, Spain and Greece, have already implemented new restrictive measures and today British Prime Minister Boris Johnson is set to ask citizens to work from home and will impose new restrictions on pubs, bars and restaurants in order to contain the spread of the second wave of the coronavirus outbreak. Meanwhile Bank of England Governor Bailey warned that the recent rise in COVID-19 cases "reinforced the downside risks" facing the UK economy and that the real unemployment rate is higher than the official data. Also, Bailey tried to reduce expectations regarding implementation of negative interest rates, after last week's meeting minutes signaled there was a possibility of that happening in coming months.
DE30 - yesterday sellers manage to broke below the upward trend line and the 50 MA (green line) which initiated sharp declines. Bulls found some support at 12600 pts level, however should downbeat moods prevail then support at 12160 pts may come into play. On the other hand if buyers manage to halt decline here, an upward impulse toward the resistance at 13300 pts could be launched.Source:xStation5
DAX members at 11:44 am BST. Source: BloombergLufthansa (LHA.DE) is planning to reduce its fleet by 150 aircraft - 50 more than previously planned - and cut more jobs than the 22,000 full-time equivalent positions already identified as surplus as rising number of coronavirus cases across the Europe put additional pressure on the airline sector. The company will take a 1.1 billion euro or $1.3 billion impairment on the value of its aircraft and now expects to operate at only 20-30% of capacity in the fourth quarter.
Lufthansa (LHA.DE) – yesterday bears pushed the price below the major resistance at €8.41 which is additionally strengthened by 50 MA (green line) and the downward move is being continued during today’s session. Should sellers manage to uphold the momentum, then support at €7.05 may be at risk. Source: xStation5
Siemens Healthineers (SHL.DE) announced today a master collaboration agreement with Novartis Pharma AG to design, develop, and commercialize diagnostic tests for therapeutic products across Novartis’ therapeutic pipeline. The initial program assists the development of a serum NfL immunoassay to support Novartis’ Multiple Sclerosis (MS) and other neuroscience programs.
Volkswagen (VOW3.DE) announced yesterday that will provide owners of its ID.4 compact electric sport utility vehicle with three years of unlimited charging in the United States at no additional cost to the vehicle's price. Clients who lease or purchased the electric SUV that was launched last month, can access the company's unit Electrify America's U.S. network of more than 470 charging stations and over 2,000 fast chargers.
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