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European markets trade slightly higher
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DAX tested 14,000 pts but failed to break above
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S&P raises long-term outlook for Daimler
A strong upward move occurred at the beginning of today's cash trading and has allowed DAX to test 14,000 pts area. However, indices pulled back later on and erased most of this move. In turn, European markets currently trade just slightly above yesterday's closing prices. European Central Bank will announce its monetary policy decision at 12:45 pm GMT while President Lagarde will hold a press conference at 1:30 pm GMT. Nevertheless, markets do not expect any major move from the Bank.
Source: xStation5
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Create account Try a demo Download mobile app Download mobile appDE30 broke above the downward trendline yesterday, hinting that the index may be readying a return to the all-time high in the 14,100 pts area. German benchmark surged at the start of today's cash trading and tested the resistance zone at 14,000 pts. However, bulls failed to maintain momentum and DE30 pulled back to the support at 13,940 pts. The index main remains stuck in a narrow 13,940-13,960 pts range, waiting for a catalyst for the next big move. ECB decision and Lagarde presser could offer some additional volatility later during the day.
Company News
S&P has upgraded Daimler's (DAI.DE) long-term outlook from "negative" to "stable". Rating was reaffirmed at BBB+. Rating agency praised the carmaker's conservative financial policy and said that it is going to benefit from introducing cost efficiency measures and stabilizing demand.
Airbus (AIR.DE) and Thales (HO.FR) have won an €1.47 billion contract from the European Commission to provide new satellites for the Galileo positioning system. Each company has won an award worth half of the pool. Contracts will be signed by the end of January and satellites are expected to be launched by the end of 2024.
Austrian unit of Hochtief (HOT.DE) along with other companies have been awarded a €242 million contract to build 2 lines of the Vienna subway network. Construction is expected to take 6 years.
DAX members at 10:23 am GMT. Source: Bloomberg
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