- European indices trade mostly lower
- Germany consumer sentiment edges higher
- Lufthansa (LHA.DE) stock gain on upbeat forecast
European indices are trading mostly lower on Thursday as traders are gearing up for the highly anticipated European Central Bank’s policy decision. Markets widely expect another 75 bp interest rate hike and more details regarding the path towards quantitative tightening and recession risks especially following Wednesday’s smaller 50 basis points hike at the Bank of Canada. On the data front,the German GfK consumer climate indicator edged higher to -41.9 heading into November of 2022 from a revised -42.8 in October, and in line with market expectations. It is the first increase in consumer morale after four consecutive months of record low reading, but still points to a negative mood. 
Yesterday DE30 managed to break above major resistance at 12950 pts, which coincides with 38.2% Fibonacci retracement of the downward wave launched in June 2022 and the downward trendline. As long as the index sits above this level, upward mve may accelerate towards resistance at 13300 pts. On the other hand, if sellers manage to regain control, support at 12520 pts may be at risk. Source: xStation5
Company news:
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Open account Try demo Download mobile app Download mobile app- Lufthansa (LHA.DE) stock rose over 0.50% gave an upbeat forecast for air travel on Thursday, saying it expected demand to remain strong, with high average yields, as holidaymakers splash out on tickets.The group last week raised its forecast for full-year adjusted operating profit to over 1 billion euros ($980 million), boosted by strong demand for air travel that continued its post-COVID recovery.The company had previously expected adjusted operating profit (EBIT) of more than 500 million euros.
Lufthansa (LHA.DE) stock broke above upper limit of the triangle recently and is currently testing local resistance at €6.87,which is marked with previous price reactions. Source: xStation5
- Credit Suisse (CSGN.CH) stock fell over 11.0% after the Swiss lender reported a Q3 net loss of 4.034 billion Swiss francs, much larger than expectations for a loss of 567.93 million Swiss francs. Elsewhere,
- Shell (RDSA.UK)shares jumped more than 3.0% after British oil giant reported a third quarter profit of $9.45 billion, in line with expectations and announced plans to sharply increase its dividend by year end and extended its share repurchasing programme.
DAX sector performance. Source: Bloomberg
DAX biggest market movers. Source: Bloomberg
The most active stocks listed on the DAX index (DE30). Source: Bloomberg
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