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Stocks in Europe trade slightly lower
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DE30 tries to break back above 14,600 pts
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Deutsche Wohnen expects lower EBITDA in 2021
European stock markets trade lower on Thursday following a mixed session in Asia. Trading in Europe has been quite calm so far - indices dipped at the beginning of the cash session but started to recover later on. Indices from Austria and Portugal are top laggards while Italian and Swiss equities outperform.
Source: xStation5
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Create account Try a demo Download mobile app Download mobile appFor the fourth session in a row, DE30 has dipped at the beginning of the European cash trading (orange circles) and for the third session in a row, steep decline was halted near the 14,530 pts mark before recovery started. However, DE30 has been struggling with breaking above the 14,590-14,600 pts price zone that now acts as the near-term resistance. In case the index fails to break above it and pulls back, traders should focus on the aforementioned 14,530 pts swing area. On the other hand, if DE30 breaks above the 14,600 pts area, the next resistance to watch is marked with a downward trendline in the 14,650 pts area.
Company News
Deutsche Wohnen (DWNI.DE) made a profit of €1.54 billion in 2020, down from €1.6 billion in 2019. Gross rental income was little changed year-over-year at €837.6 million while EBITDA dropped from €873.1 million in 2019 to €686.7 million in 2020. However, adjusted EBITDA stood at €1.01 billion. Funds from operations per share increased from €1.54 to €1.56. Management will propose a €1.03 dividend per share at the annual meeting (June 1, 2021). Deutsche Wohnen expects adjusted Ebitda of around €700 million.
Deutsche Telekom (DTE.DE) has lost a final appeal at the EU Court of Justice today in a case related to limiting competition. Deutsche Telekom wanted the EU court to drop an over €30 million fine imposed on Deutsche Telekom and another €38 million fine that Deutsche Telekom was to share with its Slovak Telekom division.
Board of Siemens Healthineers (SHL.DE) decided to issue new ordinary shares, targeting proceeds of around €2.3 billion. Cash will be used to finance acquisition of Varian. Siemens Healthineers has already received orders from long-term investors for 16-17% of the targeted offering (at market price).
A break above the downward trendline in case of Deutsche Wohnen (DWNI.DE) has been short lived. Stock deepens pullback from a monthly high and drops below the 50-session moving average (green line). The near-term support to watch can be found in the €38.50 area. On the other hand, should Deutsche Wohnen shares recover, traders should watch 42.70 pts resistance marked with the upper limit of the market geometry and previous local high. Source: xStation5
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