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European stock markets launch the week higher
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DE30 retests peak at 12,835 pts
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Daimler (DAI.DE) sees need for deeper job cuts
European stock markets rise along US futures on Monday morning. While new coronavirus are still reported in high numbers each day, investors play down these concerns as more and more vaccine candidates get into the human trial phase.
Source: xStation5
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Create account Try a demo Download mobile app Download mobile appDE30 opened higher after the weekend and continued to climb during the Asian session. Index retested recent peak at 12,835 pts before turning lower. DE30 dropped below price zone ranging around 12,740 pts but quickly recovered. Long lower shadow of the previous hourly candlestick hint that bulls are strong. Should a rebound continue, the first resistance to watch is the earlier mentioned local peak at 12,835 pts. On the other hand, should the index resume decline, bears could aim for near-term support at 12,650 pts or even price zone stretching below 78.6% retracement of February-March sell-off. There aren't any top tier data releases scheduled for today therefore Covid-19 newsflow is likely to be in focus.
Company News
Wall Street Journal reported that Munich prosecutors aren't looking only at fraud and face accounting links in the Wirecard (WDI.DE) case. According to the newspaper, prosecutors are also looking into possible money laundering crimes, stretching as far back as to 2010.
According to a Handelsblatt report, Volkswagen (VOW3.DE) is replacing Christian Senger, software development chief. Recent disagreements with the company as well as software issues in latest models are the reasons behind the decision. Volkswagen declined to comment.
Ola Kallenius, CEO of Daimler (DAI.DE) said last week that the German carmaker needs to make deeper cost cuts as a slump in automotive demand persists. Daimler's chief of human resources confirmed in an interview with the German news agency that job cuts will need to be deeper than 15,000 previously announced.
DAX members at 10:00 am BST. Source: Bloomberg
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