Summary:
- Bayer (BAYN.DE) may see $2 billion verdict reduce to $150-250 million range
- DAX (DE30) halts morning bounce at 33-period EMA
- Wirecard (WDI.DE) rallies after partnering with the German grocery chain
Stocks in Europe are trading higher on Friday after gains were spotted during the Asian trading hours. However, there are a few exceptions as, for example, shares from Italy and Switzerland are trading lower. The biggest gains are seen on the Swedish, Belgian and Russian stock exchanges.
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DAX (DE30) jumped to the 12300 pts handle over the night but failed to rally further. Upward bounce that was observed this morning was halted by the 33-period EMA (green line) and a lower high was painted in turn. As the downward trend structure was maintained, one cannot rule out that more weakness is to come. In such a scenario, the latest local low around 122200 pts should be the first support level to watch. Source: xStation5
Bayer (BAYN.DE) is trading reasonably higher on Friday thanks to the news relating to the massive $2 billion Roundup verdict. According to the latest news, the German chemical company may get a reduction of the verdict of 90% or more. California judge said that $2 billion verdict exceeded the limits allowed by the legal precedent. In turn, the fine is likely to be reduced to the $150-250 million range. Nevertheless, over 13000 people in the United States have sued Bayer’s subsidiary and more multi-million dollar verdicts are likely to come.
Wirecard (WDI.DE) is the top gaining DAX member on the final trading day of the week. The German payments company announced that it has entered into a partnership with Aldi, the German discount grocery chain.
DAX members at 10:23 am BST. Source: Bloomberg
According to the Reuters report, Air France may order up to 70 A220 jets from Airbus (AIR.DE). The order would be a part of Air France’s medium-haul fleet renewal and new planes would replace old A318 and A319 jets in the fleet. Air France said that no decision has been taken yet while Airbus refrained from commenting on the news. Nevertheless, the decision is said to be discussed during the board meeting of Air France-KLM at the end of the month.
BMW (BMW.DE) has promoted Oliver Zipse to the position of Chief Executive Officer. Zipse worked as a production chief earlier and will succeed Harald Krueger, who stepped down recently. New top executive will focus on positioning the company well ahead of the EV and autonomous driving revolution after his predecessor struggled to make BMW a sector leader for the past 4 years.
Siemens Gamesa, subsidiary of the Siemens (SIE.DE), said that it has received an order to supply, deliver, install and service wind turbines in three US offshore wind projects. Turbines will have a total power of 1.7 gigawatts. However, no financial terms of the order were disclosed yet.
Siemens (SIE.DE) struggles in the vicinity of the €100 handle. Following a repeated failures to break above the long-term downward sloping trendline, the stock turned lower once again. Note that in case the €100 handle is broken, a way towards the multi-year low at €91 would be left open. Source: xStation5
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