- European stock markets trade lower
- DE30 bounced off 12,900 pts resistance zone
- Volkswagen (VOW3.DE) plans to invest heavily in battery cell business
European stock market indices trade lower on Friday, giving away some of the recent gains. Investors await key events including President Lagarde's speech at 1:55 pm BST about the risks facing the global economy for any details on the new fragmentation tool the ECB is designing or any clues on the central bank's next steps. Also NFP data release at 1:30 pm BST will be watched closely and may trigger big market moves.
DE30 pulled back slightly on Friday, after buyers failed to break above major resistance at 12900 pts, which is marked with upper limit of the 1:1 structure, previous price reactions and 23.6% Fibonacci retracement of the last downward swing. As long as the price sits below this level, another downward impulse towards recent lows at 12365 pts may be launched. Source: xStation5
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Volkswagen (VOW3.DE) in cooperation with its partners is planning to invest more than $20.38 billion in a battery cell business in order to compete with industry leader Tesla (TSLA.US). This venture should create around 20,000 jobs, while sales are expected to reach 20 billion euros by 2030.
Volkswagen (VOW3.DE) stock traded around 48% below high from March 2021. Nevertheless this week price bounced off the support at €120.70 and upbeat moods can be spotted today. If current sentiment prevails, upward correction may accelerate towards resistance at €145.00, which is marked with previous price reactions and 61.8% Fibonacci retracement of the entire downward wave launched in March 2021. Source: xStation5
German logistics entrepreneur Klaus-Michael Kuehne has increased his stake in Lufthansa (LHA.DE) to 15% from 10% and is now the biggest shareholder in the German flag carrier.
Bayer AG (BAYN.DE) and BASF (BAS.DE) have won a new trial on $60 million in punitive damages they were ordered to pay a Missouri peach farmer who said dicamba, a herbicide they produced, drifted onto his orchard and harmed his crops, according to Reuters.
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