DE30 tests post-pandemic high

European markets rally
DE30 tests post-pandemic high
Covestro presented new full-2020 forecast

European markets trade higher as pace of the US stimulus talks seems to be increasing. Apart from that, a meeting between Boris Johnson and Ursula von der Leyen scheduled for 7:00 pm GMT today has given some hopes that outstanding Brexit issues may be resolved. DAX trades over 1% higher and is the best performing blue-chips index from the Western Europe today.

Source: xStation5

DE30 made a big jump at the start of today's European session and tested post-pandemic high in the 13,460 pts area. The index has pulled back a bit since but remains above the 13,400 pts handle. DE30 continues to trade above the upward trendline and is looking to paint a higher high following recent correction. Should it succeed, fresh post-pandemic highs would be reached. In such a scenario the next resistance level to watch can be found in the 13,650 pts area, marked with 127.2% exterior retracement of the October correction. Note that in this area one can also find local highs and lows from January and February 2020.

Company News

Covestro (1COV.DE) presented a new full-year forecast yesterday after the session closed. German company expects full-year 2020 EBITDA to come in the €1.44-1.5 billion range, up from around €1.2 billion in the previous forecast. Free cash flow is expected to be in the €400-550 million range compared to the previous €0-300 million range. Upward revision was triggered by better-than-expected business performance in the Q4 2020.

Kloeckner (KCO.DE) drops over 6% today and is one of the worst performing German stocks today. Decline comes after two private equity firms - Apollo Global Management and Swoctem - said that they will not attempt to acquire the company. Earlier, these two companies submitted a non-binding offer to acquire 100% of Kloeckner's shares.

Infineon Technologies (IFX.DE) is the worst performing DAX member today. Drop can be reasoned with a lacklustre forecast presented by the CEO of one of the other semiconductor companies - STMicro. CEO of STMicro said that his company will reach full-year sales of $12 billion by 2023, compared to the previous market forecast of $13.5 billion. Comments have triggered a sell-off in the semiconductor sector.

DAX members at 10:05 am GMT. Source: Bloomberg

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DE30 tests post-pandemic high

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