- European indices trade slightly higher
- DE40 pulls back below 17,800 pts
- Daimler Truck rallies 13% after Q4 earnings
European stock market indices are trading slightly higher today. German DAX gains 0.3%, Italian FTSE MIB and Spanish IBEX jumped 0.8%, Dutch AEX trades flat and French CAC40 drops 0.3%. Release of a higher-than-expected CPI data from euro area earlier today has taken out some steam of equities. Nevertheless, major European indices are still set to finish the week with solid gain.
Source: xStation5
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Open account Try demo Download mobile app Download mobile appGerman DAX futures (DE40) continued to gain and climbed above 17,800 pts mark during the Asia-Pacific session today. However, bulls failed to hold onto those gains and the index pulled back below 17,800 pts mark during the cash session. Taking a look at DE40 at D1 interval, we can see that the reversal occurred after the index tested 161.8% exterior retracement of the August - October 2023 correction, which we hinted yesterday could be the near-term resistance to watch. Nevertheless, given how steep gains on the index were this week, today's pullback could be simply a profit taking ahead of the weekend.
Company News
Daimler Truck (DTG.DE) surges today after reporting Q4 results and providing upbeat guidance for 2024. Company reported a 1.1% YoY increase in Q4 revenue to €14.95 billion (exp. €14.88 billion). While truck sales in North America and Mercedes-Benz revenue were 2.6% and 3.6% YoY lower, respectively, truck sales in Asia and Daimler Buses revenue increased 5.3% and 16.0% YoY, respectively. Adjusted EBIT surged 52% YoY to €1.56 billion (exp. €1.42 billion). Daimler Truck expects 2024 revenue to reach €55-57 billion (exp. €53.89 billion). Company will propose a dividend of €1.90 to Annual General Meeting.
Rheinmetall (RHM.DE) informed in a statement that it has been awarded a contract to supply Skynex air defense systems to European customer. Contract value is said to be in 'lower three-digit million euro range'. Deliveries will take place over the course of 2025. This comes just two days after Rheinmetall won a €595 million contract to supply German armed forces with 30 mobile Skyranger air defense systems.
Deutsche Bank (DBK.DE) approved a €675 million buyback plan. Plan was already approved the European Central Bank. Share repurchases will start on March 4 and will end 'no later than July 23'. The Bank said that repurchases will not exceed 100 million shares.
Daimler Truck (DTG.DE) surges after release of Q4 earnings and upbeat 2024 guidance. Stock gains over 13% today and trades at fresh all-time highs. Source: xStation5
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