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European market trade lower after mixed PMIs
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DE30 drops below 13,800 pts
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Siemens, Volkswagen and ProSiebenSat release preliminary results
European markets launched today's trading lower and declines deepened after a set of mixed PMIs from France and Germany. Reports showed continued struggles of the services sector while manufacturing activity continued to expand. DAX dropped below 13,800 pts but is trying to climb back above this hurdle.
Source: xStation5
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Create account Try a demo Download mobile app Download mobile appFollowing a failed attempt of breaking above 14,000 pts yesterday, DE30 has launched a steep downward move. Declines deepened today after release of French PMI data and the index dropped below 13,800 pts. Movement was halted following German release but the index struggled to launch a recovery move. 13,800 pts remain a near-term resistance to watch as attempts of breaking above it failed so far. Should the index fail to break above and relaunch a downward move, support zone ranging around 13,700 pts could be the first target for the bears. Investors should keep in mind that Biden's speech at 7:45 pm GMT may be a trigger for some additional volatility on USD and stock markets.
Company News
Siemens (SIE.DE) is trading higher following release of preliminary results for the final calendar quarter of 2020. Company said that adjusted EBITDA in the Mobility segment came in at €219 million while the Smart Infrastructure segment generated adjusted EBITDA of €391 million. Adjusted EBITDA in the Digital Industries segment came in €848 million. Results were better than expected.
Volkswagen (VOW1.DE) announced preliminary results for 2020. Operating profit excluding diesel items is seen at around €10 billion while automotive net cash flow should reach €6 billion. The company also said that deliveries in Q4 were higher than in Q3 2020.
ProSiebenSat (PSM.DE) released preliminary full-2020 results. Company said that sales will be around €4.04 billion, compared to the €3.95 billion median estimate compiled by Bloomberg. ProSiebenSat said that adjusted EBITDA will reach around €700 million, compared to €650 million expected.
Siemens (SIE.DE) launched today's trading higher following release of better-than-expected preliminary results. Bulls are trying to push the price above 161.8% exterior retracement in the €130 area but have failed to deliver a big break so far. Source: xStation5
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