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European stock indices trade mixed
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DE30 reaches fresh all-time high near 16,280 pts
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Siemens Healthineers jumps after mid-term target upgrade
European stock markets are trading mixed during today's morning trade. Indices from Germany, France, Italy and Russia gain. German DAX even reached a fresh all-time high, supported by a big jump in Siemens Healthineers share price. Meanwhile, equities from the United Kingdom, the Netherlands, Spain and Poland drop.
Source: xStation5
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Create account Try a demo Download mobile app Download mobile appDE30 climbed to a fresh all-time high near 16,280 pts this morning. The index pulled back slightly from daily highs and is currently trading near the local high reached yesterday in the afternoon. As there are no catalysts for a bigger move in sight, the index may continue to slowly push higher within the range of the upward channel until it reaches the 127.2% exterior retracement of the correction launched in August (16,360 pts). Size of the largest correction within the current upward impulse is around 280 points so unless we see a pullback from current levels and a break below the 16,000 pts mark, short-term uptrend does not seem to be in danger.
Company News
Siemens Healthineers (SHL.DE) is the best performing DAX member today. Stock gains following upgrade to mid-term targets. Company said that it targets an annual revenue growth of 6-8% in fiscal 2023-2025 period, up from previous forecast of 5+% annual growth. Siemens Healthineers also said that it now aims for an annual EPS growth of 15%, up from 10% expected earlier.
Allianz (ALV.DE) received approval from Chinese authorities to acquire a 49% stake in a life insurance joint venture from CITIC Trust. As a result, Allianz will become the first company to have a 100% foreign-owned life insurance business in China.
Analysts' actions
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Volkswagen (VOW1.DE) downgraded to "underperform" at Exane. Price target set at €188
Siemens Healthineers (SHL.DE) launched today's trading higher and rallied further in the first hours of the cash session. Mid-term target boost fuels today's rally. Stock reached a new all-time high and climbed above 127.2% exterior Fibonacci retracement of the correction launched in mid-August (€63.50). However, upward move stalled afterwards and the stock began to erase gains. Source: xStation5
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