DE30 moves higher ahead of Eurogroup meeting

• Election of the Eurogroup President
• Total number of Covid-19 cases surpassed 12 million
• EU General Court slashes  Infineon’s  (IFX.DE) fine by 7%

 

European indices are trading mixed ahead of an Eurogroup meeting, at which Eurozone finance ministers are set to elect their new president, and discuss  budgetary situation and fiscal stance in the euro area. Investors will closely follow any news related to the  750 ($851 billion) euro recovery fund for economies hit hardest by Covid-19. Meantime rising numbers of coronavirus cases and signs that the ECB may keep monetary policy unchanged for some time weighed on market sentiment.

German exports rebounded less than expected in May as demand remained subdued despite the lifting of lockdown measures. Today major manufacturers are  among the top risers, with pharmaceuticals maker Merck up 2%, BMW up 1.2% and Adidas up 0.9%. Yesterday Dax (DE30) managed to bounce off the upward trendline. Should upbeat moods prevail, resistance at 12 980 pts may come into play. On the other hand, should the index break below the aforementioned trendline, the sellers may target recent lows at 12 000 pts. Source: xStation5

DAX members at 10:10 am BST. Source: Bloomberg

 

The Luxembourg-based General Court reduced Infineon Technologies' (IFX.DE) cartel fine by 7% to 76.87 million euros ($86.7 million), saying that the German chipmaker had fewer anti-competitive contacts with other cartel members than EU antitrust regulators had said. Back in 2014,  European Commission  imposed a total fine of 138 million euros on Infineon, Philips and Samsung Electronics for taking part in a cartel between 2003 and 2005. Infineon's penalty at 82.78 million euro ($93.3 million) was the biggest.

Infineon Technologies' (IFX.DE) started today’s session with an upward move. Stock price managed to bounce off the upward trendline and is testing major resistance at €21.60 per share. A break higher may pave the way for a bigger upward impulse toward €23.14 per share. On the other hand, should the pair return below the aforementioned trendline, the sellers may target support at €19.47 per share. Source: xStation5

Tesla Inc (TSLA.DE) is "very close" to achieving level 5 autonomous driving technology, Chief Executive Elon Musk said on Thursday, referring to the capability to navigate roads without any driver input. "I remain confident that we will have the basic functionality for level 5 autonomy complete this year" said Musk.

Yesterday German drugmaker Merck (MRK.DE) confirmed it had agreed to supply its potential COVID-19 drug Rebif to European Union countries should orders be placed for the treatment. This statement followed a earlier Reuters report regarding a deal reached by the EU Commission and Merck for the supply of Rebif.

 

German software manufacturer SAP (SAP.DE) soared 8% higher after company announced that its business activity gathered steam at a greater pace than expected in the second quarter, confirming its full-year outlook with revenues and operating profits increasing.

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