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European markets trade mixed
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DE30 breaks above resistance at 13,250 pts
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Deutsche Bank to implement permanent work-from-home policy
European markets are seesawing on Wednesday. There is no clear theme across major European indices with German, UK and Dutch stocks declining while equity indices from Italy and Switzerland trade higher. French indices trade flat. Elevated volatility could surfaced in the afternoon when an avalanche of US data is released at 1:30 pm and 3:00 pm GMT.
Source: xStation5
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Create account Try a demo Download mobile app Download mobile appDE30 benefited from overall market euphoria yesterday and managed to finish the day above the key near-term price zone at 13,250 pts. A small pullback could be observed overnight and the index made a retest of the aforementioned zone as a support. Decline was halted at a 50-hour moving average (green line) so far. There are a few levels to watch depending on how the day unfolds. Should we see a drop below the 50-hour moving average, two near-term levels to watch are the lower limit of the Overbalance structure at 13,165 pts (yellow box) and a local low at 13,115 pts (breaking below would break uptrend structure of higher lows). Breaking below those levels could hint a short-term bearish trend reversal. On the other hand, in case bulls regain ground, the first near-term resistance can be found in the 13,350 pts area (recent local high). Final resistance is marked by the potential range of a break from the ascending triangle pattern in the 13,640 pts area.
Company News
Deutsche Bank (DBK.DE) mulls implementing a permanent work-from-home policy. The German lender is considering allowing its staff to work remotely for 2 days per week. Such a move would not only make it more flexible for employees but would also allow for significant cost savings for the Bank. However, Deutsche Bank waits with final decision until new work-from-home laws are finalized in countries where it operates.
RWE (RWE.DE) signed an agreement to sell 49% stake in its UK offshore wind farm Humber Gateway to Greencoat, UK investment manager. RWE will receive 648 million GBP upon closing of the transaction, which is expected by mid-December. RWE will use proceeds to grow its renewables energy portfolio.
DAX members at 10:14 am GMT. Source: Bloomberg
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