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European markets trade mixed
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DE30 remains close to all-time highs
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Munich Re doubles net profit in Q2 2021
Stock market indices from Europe trade mixed on Tuesday. UK FTSE 100 (UK100) and Spanish Ibex (SPA35) drop, French CAC40 (FRA40) and German DAX (DE30) trade flat while Dutch AEX (NED25) and Italian FTSE MIB (ITA40) gain.
ZEW indices for AUgust were released at 10:00 am BST. Current conditions subindex increased from 21.9 to 29.3 pts, but the market expected a jump to 30 pts. Expectations subindex dropped from 63.3 to 40.4 pts, while market expected drop to just 56.7 pts.
Source: xStation5
DE30 bounced off the support zone at 15,675 pts after a test yesterday. Index continues to trade within a striking distance of the all-time highs in 15,800 pts area. Weaker-than-expected ZEW reading did not have a major impact on stock markets. A test and a break to a fresh record highs cannot be ruled out in the later part of the day. In such a scenario the level to watch can be found at 15,900 pts - it is a potential range of the breakout from the July trading range.
Company News
Munich Re (MUV2.DE) reported Q2 net profit of €1.1 billion, up from €579 in Q2 2020. Gross premiums written increased from €12.83 billion to €14.64 billion. Operating profit doubled to €1.55 billion. Reinsurer said that coronavirus-related losses reached €241 million in Q2 2021. Company expects full-year gross premiums written to reach €58 billion and said that it is on track to reach its net profit target of €2.8 billion.
Allianz (ALV.DE) said that total claims from recent floods in Germany may reach around €900 million. Company expects to recover €500 million from its reinsurer.
According to a Bloomberg report, Deutsche Post (DPW.DE) is in discussions with a private equity company, who owns German alcohol logistics company Hillebrand, about a possible acquisition. Hillebrand may be valued as high as €1.5 billion .
Munich Re (MUV2.DE) gains today following the release of a solid Q2 earnings report. Stock broke above the 200-session moving average (purple line) and is testing resistance zone at €241.00, marked with 38.2% retracement of the upward impulse launched in October 2020. Next resistance to watch in case of a break higher can be found at €251.75 and is marked with the 23.6% retracement. Source: xStation5
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