DE30 swings up and down after PMIs

• PMI indices turned out to be mixed

• DE30 erases early surge and revisits lower limit of the trading range

• BMW (BMW.DE) announced another EV battery deal

Bulls dominated at the beginning of the European session. Gains could be spotted all across the Old Continent. However, mixed PMI release with manufacturing beating expectations and services disappointing caused the German index to swing up and down in the first hours of Friday’s cash session.

Source: xStation5

DE30 broke below the lower limit of the consolidation range earlier this week. However, the index managed to climb back above it as trade rhetoric has been somewhat more optimistic yesterday. The index delivered a strong move higher today after testing the 50-hour moving average (green line) and reached the midpoint of 13160-13300 pts range. However, a major pullback occured at the beginning of the second hour of cash session. The German index is once again trading at the lower limit of the trading range. The index broke below for a moment but the decline was once again halted by the 50-hour moving average. Having said that, this average can be considered key near-term support.

DAX members at 9:02 am GMT. Source: Bloomberg

Wirecard (WDI.DE) can be found among DAX top laggard today. Uber Technologies (UBER.US) denied that it is in talks with the German payments company. Manager Magazin reported yesterday that the US ride-hauling company is considering a switch from its current payments company Adyen to Wirecard.

BMW  (BMW.DE) announced that it will increase EV battery order volume at Contemporary Amperex Technology to €7.3 billion from €4 billion. Combined with Samsung deal we wrote about yesterday, BMW has already placed EV battery orders worth over €10 billion.

Rheinmetall (RHM.DE) received an upgrade at Oddo BHF. The financial services firm raised recommendation for the stock to “neutral” from “reduce”. Price target was set at €87.