- European stock markets trade lower
- DAX below 16,000 pts
- German state begins to reduce stake in Lufthansa (LHA.DE)
European indices launched the week in downbeat moods as disappointing macroeconomic data from China, virus outbreaks and geopolitical tensions weighed on sentiment. Daily COVID-19 cases in Germany rose the most since May, while investors closely monitored the potential geopolitical implications of the sudden collapse of the Afghanistan government and the takeover of the capital city of Kabul by the Taliban. On the economic data front, China's factory activity rose the least since August 2020 and retail trade growth eased to a seven-month low.
DE30 hit new all-time highs on Friday, however buyers failed to uphold momentum and index pulled back and today tested lower limit of the ascending channel which coincides with local support at 15878.7 pts. As long as price sits above, further upward impulse is still possible. On the other hand, should the break lower occur, downward move may accelerate towards the next support at 15,800 pts. Source: xStation5
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Create account Try a demo Download mobile app Download mobile appLufthansa (LHA.DE) stock fell more than 3% after Germany’s finance agency announced plans to sell up to a quarter of its 20% stake in the coming weeks following positive developments at the bailed-out airline, according to Reuters.
Lufthansa (LHA.DE) stock launched today’s session with a bearish price gap and is heading towards major support at € 8.20 which coincides with lower limit of the descending channel and 78.6 Fibonacci retracement of the last upward wave. The nearest resistance is located around €9.20 and is marked with earlier price reactions and 61.8 Fibonacci retracement. Source: xStation5
Delivery Hero (DHER.DE) announced last week it was not considering making an offer for its British competitor Deliveroo, shortly after the German company acquired over 5.0% stake in the London-listed online food delivery company.
HSBC (HSBA.UK) will acquire AXA (CS.FR) insurance assets in Singapore for $575 million as one of the biggest banks is planning to expand its insurance and wealth business.
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