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European stock markets trade higher
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DE30 slowly approaches 12,900 pts resistance zone
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Offices of Delivery Hero raided by EU antitrust watchdog
European stock market indices trade higher on Thursday. A rather hawkish FOMC minutes release did not manage to damp moods and recovery move on the stock markets is still ongoing. An ECB minutes release today at 12:30 pm BST will be watched closely but is unlikely to include surprises that would trigger big market moves.
Source: xStation5
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Create account Try a demo Download mobile app Download mobile appDE30 extends recovery move launched yesterday. Index is slowly approaching a key near-term price zone, marked by a mix of resistance levels. The 12,900 pts area hosts 23.6% retracement of a recent downward impulse, 200-hour moving average (purple line) as well as previous price reactions. Breaking above this zone would brighten the outlook for the bulls as in theory it would hint at a bullish reversal of short-term trend. In case buyers begin to struggle, the first support zone to watch can be found ranging between 12,600 pts handle and a 50-hour moving average (green line).
Company News
Delivery Hero (DHER.DE) said that its offices in Germany have been raided by EU antitrust regulators yesterday. EU regulator said the raids were part of a probe into alleged sharing of national markets among online delivery companies. Raids were also carried out in Spain in offices of Glovo, a food delivery company recently acquired by Delivery Hero.
Suedzucker (SZU.DE) reported a €163 million in operating profit for the first quarter of a new fiscal year (March-May 2022). This is a jump of over 230% YoY compared to €49 million reported a year ago. Suedzucker confirmed full-year forecasts and still expects operating profit to reach €400-500 million in March 2022 - February 2023 period. Company said that it expects to pass an increase in costs onto customers.
Analysts' actions
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Salzgitter (SZG.DE) downgraded to "hold" at Jefferies. Price target set at €23.00
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Munich Re (MUV2.DE) rated "sector perform" at RBC. Price target set at €245.00
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Hannover Re (HNR.DE) rated "outperform" at RBC. Price target set at €170.00
Salzgitter (SZG.DE) rallies in spite of a downgrade at Jefferies. Stock bounces off the €21.00 area and is looking towards a short-term swing area in the €23.30 zone. Source: xStation5
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