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European stock recovered from early decline
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DE30 closes in on 12,900 pts
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Delivery Hero (DHER.DE) to replace Wirecard in DAX index
European indices are trading higher during the final trading day of the week. However, release of disappointing French PMIs caused significant pullback on the European indices. Nevertheless, losses were recouped after release of German PMIs and DE30 is slowly closing in on 12,900 pts.
DE30 managed to climb above the 200-hour moving average today. The index tested the upper limit of recent trading range overnight near 12,950 pts, and then tested the lower limit after the release of French PMIs (12,800 pts). Lack of a break above upper limit or below lower limit signals that the index may be set to continue range trading. Source: xStation5
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Open account Try demo Download mobile app Download mobile appDaimler (DAI.DE) has lost a patent dispute with Nokia. German court ruled that Daimler has violated Nokia's mobile-technology patents. Daimler announced that it will appeal. If upheld, the ruling could limit Daimler's ability to sell cars in Germany unless it acquires a license on fair terms.
FACC (1FC.DE), the German cabin interior manufacturer, released an earnings report for the first half of 2020 yesterday. Revenue dropped from €394.9 million in H1 2019 to €292.1 million in H1 2020. EBITDA dropped 60.8% YoY, to €8.7 million. Company reported a net loss of €41.1 million, much deeper than the €5 million loss reported last year. FACC said that the coronavirus pandemic has a negative impact on its operations and that additional credit lines were needed.
Delivery Hero (DHER.DE), the German food delivery company, will replace Wirecard in the DAX index starting from Monday. Delivery Hero has significantly boosted its operations during the coronavirus pandemic as food delivery services gathered increased interest. Membership change will occur ahead of regular rebalancing scheduled for September 3, thanks to rule change that allows Deutsche Boerse to remove insolvent companies from DAX with at least two-day notice.
DAX members at 10:15 am BST. Source: Bloomberg
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