DE30 hovers at records

• European stock trade higher
• DE30 approaches ATH 
• Deutsche Bank (DBK.DE) stock at key resistance

European indices launched today's session higher and are heading towards record highs as investors welcomed signs of additional stimulus in the U.S. President Biden announced that will seek a massive $6 trillion in federal spending for the 2022 fiscal year. Also dovish comments from Isabel Schnabel, the head of the ECB's market operations also lifted sentiment. Schnabel continued to downplay inflation concerns and told Reuters that ""rising yields are a natural development at a turning point in the recovery" and reassured that financing conditions remain favourable. Meanwhile British bank stocks move higher following yesterday’s comments from Bank of England's MPC member Gertjan Vlieghe which indicated that the central bank could raise rates well into next year if there is a smooth transition from a furlough and the economy rebounds more quickly than expected. On the data front, France’s economy contracted 0.1% in Q1 2021 vs preliminary growth of 0.4%, as reported previously. Later in the day investors will focus on the US PCE report, the Fed's favorite inflation gauge.

DE30 bounced off the earlier broken upper limit of the ascending channel which coincides with local support at 15457 pts and is currently moving higher along with other major European bourses. If the current sentiment prevails, upward move may accelerate towards all-time high at 15603 pts. Source: xStation5

Deutsche Bank (DBK.DE) may stop using EY as an auditor after the Wirecard (WDI.DE) scandal, which has definitely damaged the reputation of one of the so-called The Big Four companies. Deutsche Bank invited other companies to compete for its 2022 audit.

Deutsche Bank (DBK.DE) stock has been trading in an upward trend recently, however today buyers are facing major resistance at €12.31 which coincides with the 61.8 Fibonacci retracement of the recent downward wave. Should a break higher occur, then upward move may be extended to the next resistance at €14.60. However if sellers will manage to halt advances here, then downward impulse towards major support at €9.55 may be launched. Source: xStation5

BMW (BMW3.DE), Daimler (DAI.DE) and several car producers from other countries have opened facilities in China to store data generated by their cars locally, according to Reuters, as car makers come under growing pressure in the world's biggest car market over how they store and use information obtained from their vehicles through array of sensors and cameras which aim to assist drivers.