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European markets trade mixed
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DE30 tests resistance at 15,800 pts
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Vonovia plans €5 billion corporate bond offering
Mixed moods can be spotted across the Old Continent ahead of Powell's speech at the economic symposium in Jackson Hole (3:00 pm BST). Stock market indices from the Western Europe trade slightly higher while indices from the eastern part of the continent pull back. US data pack set for release at 1:30 pm BST is unlikely to trigger a larger move on the markets. However, markets may become more volatility during the aforementioned speech from Powell.
Source: xStation5
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Create account Try a demo Download mobile app Download mobile appDE30 experienced another wave of heavy selling at the beginning of the cash session yesterday. However, after the initial drop, the index started trade sideways in the 15,745-15,800 pts range. The upper limit of this range - zone ranging between 23.6% retracement of the upward move launched in July 2021 and 15,800 pts - is being tested at press time. Bulls failed to push the index above this area at the start of today's trading but they are not giving up. Should we see a break above this hurdle, the next major resistance zone to watch can be found ranging around 15,850 pts handle, and is marked with the 200-hour moving average (purple line).
Company News
According to a Bloomberg report, Vonovia (VNA.DE) plans to raise €5 billion via corporate bond offering. Part of the proceeds will be used to acquire Deutsche Wohnen (DWNI.DE), Vonovia's rival. Once completed, it will be the biggest euro-denominated corporate bond offering since September 2020.
Oliver Zipse, Chairman of BMW (BMW.DE), told in an interview with CNBC that the company plans to unveil a new vehicle later this year. New vehicle will be manufactured at BMW's production plant in South Carolina and will be sold on US as well as global markets. Zipse said that a new vehicle will not be a successor but a brand new vehicle model.
Vonovia (VNA.DE) has been trading lower recently over the past few days. However, decline was halted at the 50-session moving average and the stock began to recover. An important point to note is that bulls managed to halt sell-off ahead of the lower limit of local market geometry. As a result, short-term uptrend looks to be intact. The near-term resistance to watch can be found at €60. Source: xStation5
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