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DE30 remains close to the key support zone
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Infineon (IFX.DE) jumps as Nikkei reports demand for new iPhone is stronger than expected
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Allianz (ALV.DE) buys portfolio of Japanese residential assets
European stocks launched Thursday’s session higher mimicking good performance of the Asian equities today and US stocks yesterday. However, price action following the opening is quite lacklustre. Polish WIG20 (W20) gains the most among European benchmarks while stocks in Portugal and Spain experience small declines.
Source: xStation5
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Open account Try demo Download mobile app Download mobile appDE30 plunged significantly earlier this week but managed to halt a decline at the 200-session moving average (purple line). The German stock exchange was shut yesterday but futures market operated as usual and DE30 (DAX futures underlying) painted a pin bar. Given that this candlestick pattern surfaced slightly above the medium-term support zone, it’s significance is greater. Nevertheless, the German index is moving lower on Thursday and the support zone ranging below the 11900 pts handle will be in focus today. Break lower would call for a retest of the aforementioned moving average. There to resistance levels to watch in case bulls managed to regain control - 50-session moving average at 12000 pts and the resistance zone ranging above 12130 pts handle.
DAX members at 8:42 am BST. Source: Bloomberg
Real estate unit of Allianz (ALV.DE) signed an agreement with Blackstone for purchase of the Japanese residential asset portfolio. Assets are valued at €1.1 billion and consist of multi-family residential buildings located in Tokyo, Osaka, Nagoya and Fukuoka. The transaction is expected to be completed in the fourth quarter of 2019.
Infineon Technologies (IFX.DE) can be found among DAX leaders today. The company is trading higher along with other Apple suppliers following report from Nikkei. The financial newspaper claims that Apple plans to to increase production of iPhone 11 by about 10% as demand for new product turned out to be stronger than expected.
Wirecard (WDI.DE) announced a partnership with Rakuten and NeoPay. The companies are working on a new money transfer service Moneytou. The service will be powered by Mastercard and will be available to users of Viber messaging app.
Exane BNP Paribas resumed coverage of Adidas (ADS.DE). Equity research company issued a “neutral” recommendation on the company and set a price target of €285.
Share price of Adidas (ADS.DE) bounced higher at the end of September but failed to break above the €289 handle. A pullback occurred later on and the stock broke below the upward sloping trendline. Now the question remains whether bears manage to break below the support zone ranging above the €266.50. In case they fail to do so, a jump towards the resistance at €275 may be on the cards. Source: xStation5
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