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European stocks trade mixed
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DE30 halted pullback at local market geometry
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Continental drops after ousting CFO
European stock markets trade mixed on Thursday, following a downbeat session in Asia. Stocks from France, the Netherlands and Belgium gain while equities in the United Kingdom, Italy and Poland drop. German DAX and Spanish Ibex trade flat. Economic calendar for today lacks major releases that could trigger big moves on the equity markets. Biden is expected to choose a new Fed chair this week but decision is likely to be announced closer to the weekend.
Source: xStation5
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Create account Try a demo Download mobile app Download mobile appDE30 reached a fresh all-time high near 16,285 pts at the start of today's cash trading in Europe. However, the index quickly started to erase gains and broke back into the range of the previous downward channel. Drop was halted at the lower limit of the local market geometry and index climbed back to the upper limit of the channel. Positive reaction to the lower limit of the geometry suggests that another upward impulse may be generated now and new all-time highs are just 0.25% away.
Company News
European new car registrations dropped 29% YoY in October, to 798 693 vehicles. This is a record low reading for October on the record. Sales of Volkswagen (VOW1.DE) dropped almost 42% YoY, sales of BMW (BMW.DE) dropped 22% YoY while sales of Daimler (DAI.DE) were 34% YoY lower.
Shares of Continental (CON.DE) launched today's trading with a big bearish gap. Stock sinks after the company unexpectedly fired Chief Financial Officer Wolfgang Schaefer. Decision is reasoned with CFO's role in emissions cheating scandal.
Thyssenkrupp (TKA.DE) reported results for the fiscal 2021, which ended on September 30, 2021. Company reported sales of €34.02 billion (exp. €33.45 billion). Adjusted EBIT reached €796 million (exp. €769 million) while adjusted net profit reached €128.3 million. Company expects net profit to reach at least €1 billion in fiscal-2022 with adjusted EBIT reaching €1.5-1.8 billion.
Airbus (AIR.DE) said it has received orders for a total of 408 aircraft during the Dubai Airshow - 296 firm orders and 139 commitments.
Analysts' actions
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Covestro (1COV.DE) upgraded to "buy" at HSBC. Price target set at €70.00
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Daimler (DAI.DE) rated "buy" at Berenberg. Price target set at €115.00
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Varta (VAR1.DE) rated "overweight" at JPMorgan. Price target set at €140.00
Shares of Continental (CON.DE) drop around 5% today after the company fired its CFO and European car sales data showed a big drop. Bulls tried to recover from losses but failed to close a bearish price gap. The first major support to watch in case declines deepen can be found in the psychological €100.00 area. Source: xStation5
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