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European markets trade higher
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DE30 tests 13,700 pts and trades less than 1% below all-time high
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European car sales dropped 14% YoY in November
European markets are trading higher after FOMC did not deliver a timeline for monetary policy tightening and pledged to keep asset purchases at least at $120 billion until substantial progress is made on the goals. German DAX tests 13,700 pts area and trades less than 1% below an all-time high reached ahead of the coronavirus pandemic.
DE30 has managed to clear the long-term resistance zone ranging below 13,450 pts handle. The German index tested 13,700 pts area today but has failed to break above and pulled back slightly. Nevertheless, it continues to trade 0.7% higher on the day and less than 1% below an all-time high reached ahead of the coronavirus pandemic. 13,800 pts area is the main resistance to watch for now. Source: xStation5
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European car sales dropped 14% YoY in November as countries started to reimpose coronavirus restrictions. Sales of Daimler (DAI.DE) dropped 16%, sales of BMW (BMW.DE) declined 8% while sales of Volkswagen (VOW.DE) were 14% lower. The biggest drop was seen in the United Kingdom (-27%) while the smallest one was seen in Germany (-3%).
In spite of the coronavirus pandemic having a major negative impact on the brick-and-mortar business, Adidas (ADS.DE) plans to continue to open new stores. Kasper Rorsted, CEO of Adidas (ADS.DE), told CNBC that coronavirus pandemic has accelerated e-commerce 2-3 years into the future but brick-and-mortar stores are here to stay as there is a social element in getting a chance to see and try new products.
DAX members at 10:39 am GMT. Source: Bloomberg
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