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European markets trade lower
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DE30 fails to break above 61.8% retracement
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Thyssenkrupp release mid-term margin forecasts
European stock markets are trading lower today but off the overnight lows. Moods deteriorated late in the afternoon yesterday after the first Omicron case was reported in the United States. Blue chips indices from the Western Europe trade around 1% lower at press time. Equities from Russia outperform with RTS (RUS50) trading just slightly below yesterday's cash close.
Source: xStation5
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Open account Try demo Download mobile app Download mobile appDE30 pulled back yesterday in the evening as global equity markets took a hit on reports of the first Omicron case being found in the United States. The German index started to recover overnight but the recovery move was halted at the 61.8% retracement of the upward impulse launched at the end of September (15,370 pts). The 15,370 pts area is turning out to be an important short-term swing level. Near-term support to watch can be found ranging between 78.6% retracement and the lower limit of the Overbalance structure at 15,070 pts.
Company News
Thyssenkrupp (TKA.DE) confirmed full-year forecasts and issued mid-term forecasts. The German industrial company expects adjusted EBIT margin to increase to 4-6% over the medium term. Company expects adjusted EBIT margin at its Industrial Components unit at least 10%, at Materials Services unit at 2-3% and at Automotive Technology unit at 7-8%.
Infineon (IFX.DE) is trading lower today, along with other companies supplying components for Apple. The move is reasoned with a Bloomberg report saying that Apple has warned its suppliers that demand for iPhone 13 smartphones has weakened.
Analysts' actions
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Continental (CON.DE) downgraded to "underweight" at Barclays. Price target set at €95.00
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Duerr (DUE.DE) upgraded to "buy" at Deutsche Bank. Price target set at € 60.00
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HelloFresh (HFG.DE) rated "buy" at LBBW. Price target set at €101.00
Thyssenkrupp (TKA.DE) is trading lower following the release of mid-term forecasts. The stock is once again approaching the lower limit of a local market geometry, that can be found just a touch above the 200-session moving average (purple line) and €9.50 support zone. Price reacted positively to this mix of support on Tuesday and if bulls manage to defend it today, a recovery move could be launched. Source: xStation5
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