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European indices recover after lower opening
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DE30 tests resistance at 13,850 pts
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Deutsche Telekom reported Q4 earnings
European markets open lower following steep declines on Wall Street and in Asia. However, a big part of the drop has been recovered already and most of the blue chips indices from the Western Europe trade just slightly below yesterday's closing prices. German DAX is trading around 200 points above daily low.
Source: xStation5
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Create account Try a demo Download mobile app Download mobile appDE30 depeened declin over the night and retested support zoneat 13,700 pts. Index managed to recover from there and has surged towards the short-term swing area at 13,850 pts. Breaking above this resistance would pave the ways towards the next one at 14,070 pts. Taking a look at the broader outlook, the index has painted a higher low in the uptrend and could be set for an upward move towards recent highs. On the other hand, in case recovery fails and index pull back below zone at 13,700 pts and upward trendline, near-term outlook would shift to bearish and DE30 could target 13,375 pts area.
DAX members at 9:58 am GMT. Source: Bloomberg
Company News
Deutsche Telekom (DTE.DE) reported Q4 2020 net profit of €1.67 billion, up from €654 million in Q4 2019. Adjusted EBITDA increased from €6.03 to €8.95 billion. Revenue increased from €21.36 to €27.62 billion. Company expects full-2021 EBITDA of around €37 billion and free cash flow after leases of around €8 billion.
BASF (BAS.DE) expects 2021 EBIT to be €4.1-5 billion. Company said that it expects earnings to come near the upper range of forecasts if vaccine rollout goes smooth and there are no further lockdowns.Basf expects issues in semiconductor and automotive industry supply chains to improve in the second half of the year. Basf had a €1.06 billion net loss in 2020 andn flat sales growth at €59.15 billion. Dividend was kept unchanged at €3.30 per share.
Deutsche Telekom (DTE.DE) trade higher after earnings. Stock dropped earlier during the session but found support at the 200-session moving average (purple line). Share price may now look towards the upper limit of a long-term range at €15.50. Source: xStation5
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