- DE30 hits new all-time high
- Upbeat IFO figures
- Vonovia (VNA.DE) stock fell sharply on M&A news
European indices launched today's session higher, with Frankfurt's DAX 30 touching an all-time high of 15,568 pts after today's figures showed German business morale reached the highest level since May 2019, easily beating analysts' estimates. Investors ignored other data that showed German economy shrank more than expected in the first quarter. Also a huge deal between two biggest German property developers boosted sentiment. In the afternoon, investors will be analyzing the speech of the chief economist of the European Central Bank, Philip Lane, looking for guidance on what steps the bank should take at the June meeting.
DE30 reached another intraday record at 15603 pts, however buyers failed to uphold momentum and price pulled back to the local support at 15540 pt. If the downward pressure intensifies, then support at 15347 pts may be at risk. Source: xStation5
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Create account Try a demo Download mobile app Download mobile appVonovia (VNA.DE) announced yesterday that it will take over its biggest German competitor Deutsche Wohnen (DWNI.DE) for about 18 billion euros ($22 billion) to better shoulder future investments in heat insulation. According to sources familiar with the matter, as part of their planned merger both companies want to offer to sell the Berlin senate around 20,000 apartments to help address the "strained rental situation" in the capital.
Vonovia (VNA.DE) stock launched today's session with a massive bearish price gap however sellers failed to break below support at €48.67 and price bounced back to the lower limit of the ascending channel. Meanwhile Deutsche Wohnen (DWNI.DE) stock price (blue candles) hit a new all-time high following the news. Source: XStation5
Deutsche Bank (DBK.US) is relocating 100 bankers from London to it's branches in EU and Asia in line with its restructuring plan following Brexit. Under the plan, a quarter of the division's 400 UK staff are being made redundant, with their roles moved to Dublin, Berlin, Frankfurt and cities across Asia, according to people familiar with the decision.
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