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European markets trade higher
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DE30 closes in on all-time highs
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Allianz announced €750 million buyback programme
European stock market indices are trading mostly higher during the final trading session of the week. Italian FTSE MIB (ITA40) is the best performing index from the Old Continent, gaining 0.5% at press time. Russian indices drop while Spanish (IBEX35) trades flat. Elevated volatility on the stock markets is expected around 1:30 pm BST when US jobs report is released.
Source: xStation5
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Open account Try demo Download mobile app Download mobile appDE30 is closing in on the all-time highs in the 15,800 pts area. German index is trading in a steep upward channel and has recently tested the lower limit. A move towards the upper limit will push the index into an uncharted territory above current all-time highs. Key event for equities today is of course the release of the US jobs report at 1:30 pm BST. Regardless of beat or miss, indices tended to move higher following NFP releases in the previous months.
Company News
Allianz (ALV.DE) reported a 46% YoY increase in Q2 net profit, to €2.225 billion (exp. €2.055 billion). German insurance company said that it now expects full-year operating profit to come in near the top end of the guidance range (€11-13 billion). Allianz also said it will launch a €750 million buyback programme that will last until the end of 2021.
Covestro (1COV.DE) confirmed its preliminary earnings for Q2 and said the net profit in April-June quarter reached €449 million (exp. €433 million). Company said that it has successfully managed to pass most of the material price increases onto customers.
Vonovia (VNA.DE) reported first-half profit to shareholders at €2.61 billion, up from €1.56 billion a year ago. Funds from operations (FFO) increased from €648 million in first-half 2020 to €734.2 million in first-half 2021. EPS increased from €2.87 to €4.59 while FFO per share reached €1.33, up from €1.22 a year ago. Vonovia expects full-year adjusted EBITDA to reach €2.055-2.105 billion and FFO to reach €1.465-1.515 billion. Company also said that it has received regulatory clearance for its upgraded takeover offer for Deutsche Wohnen and that this offer will be a final one.
Vonovia (VNA.DE) extends recovery move launched after a test of the 200-session moving average and 50% retracement of the downward move launched in September 2020. Stock is making another attempt of breaking above the resistance zone at €59.00, and should it succeed that way towards resistance marked with 78.6% retracement will be left open (€59.75). Source: xStation5
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