-
EU recovery fund discussions
-
DE30 posts minor gain
-
Deutsche Boerse (DB1.DE) to allow quick removal of Wirecard (WDI.DE) from DAX
European stock market indices are trading mixed with German and UK shares gaining, and French and Spanish equities pulling back. US futures post minor gains.
The major theme for European assets today and over the weekend is the EU summit on a post-Covid recovery fund. Leaders of European countries will try to reach consensus on a massive €750 billion stimulus package. However, politicians do not seem to be too optimistic with German Chancellor Angela Merkel saying differences are very big and it is unsure whether compromise can be reached this weekend.
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile app
DE30 posts minor gains. The index found support at the 50-hour moving average (earlier) earlier today and started to move towards overnight highs at 12,920 pts. Zone ranging below 12,835 pts is the key near-term support and may come into play in case EU leaders make some downbeat comments on the pgross of talks. Source: xStation5
Deutsche Boerse (DB1.DE) proposed new rules for quick removal of DAX members from the index in case the member files for insolvency. Move was triggered by the recent collapse of Wirecard (WDI.DE), the German payments company and DAX member. If adopted, new rules would enable removal of Wirecard in August, rather than in September (regular rebalancing period).
BMW (BMW.DE) has found a new supplier for electric vehicle batteries. The German carmaker placed a €2 billion order with Swedish Northvolt. The two companies have worked together on battery development since 2018.
Siemens (SIE.DE) allowed its employees to work away from the office for 2-3 days each week. The move comes as the company wants its workers to work from where they are the most productive. New model will apply to over 140,000 employees in 43 countries.
Shareholders are suing Deutsche Bank (DBK.DE) and CEO Christian Sewing for making false statements on its links to late US financier, Jeffrey Epstrein, who was involved in number secual abuse cases. Lawsuit came after New York regulators announced Deutsche Bank will pay $150 million fine for compliance loopholes involving Epstein.
DAX members at 10:17 am BST. Source: Bloomberg
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
