- DE30 pulls back from local resistance area
- Weak German ZEW index
- Volkswagen (VOW3.DE) and Mahindra explore strategic alliance
DE30 launched today’s session higher, however disappointing ZEW index data weighed on market sentiment. Index fell to -55.3 in August, the lowest since October 2008 as the financial market experts expect a further decline in the already weak economic growth in Germany. Meanwhile, the Rhine River’s water level at a key waypoint reached a new low, which may impact transit of fuel and other goods as Europe’s climate crisis exacerbates its energy-supply crunch.

DE30 rose sharply early in the session, however buyers failed to uphold momentum and price pulled back from resistance at 13950 pts. Nearest support to watch can be found around 13800 pts area, which coincides with 61.8% Fibonacci retracement of the last downward wave. Should break lower occur, downward move may accelerate towards next support at 13535 pts. Source: xStation5
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Volkswagen AG (VOW3.DE) and Mahindra & Mahindra expanded their cooperation and signed a term sheet under which the German carmaker will supply electric components to its Indian EV producer.
Volkswagen AG (VOW3.DE) stock bounced off recent lows at €120.70 and is currently testing the upper limit of the 1:1 structure around €151.75. Should break higher occur, upward move may accelerate towards resistance at €165.15, which coincides with 50% Fibonacci retracement of the upward wave started in March 2020. Source: xStation5
Bayer (BAYN.DE) will continue to supply Russia with essential agricultural inputs, reversing course from comments made in March that supplies for 2023 would be contingent on Russia stopping its attacks on Ukraine.
Airbus (AIR.DE) signed a deal with Malaysia Airlines to deliver 20 A330neos as the airline plans to replace its old fleet of A330 widebody jets. The planes are scheduled to be delivered from the third quarter of 2024 through 2028, the airline said.
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