- The German DAX recovers 0.37% after yesterday's correction
- UniCredit acquires a 9% stake in Commerzbank
- The Emirati ADNOC plans to acquire Covestro
Yesterday's declines on global markets are slowing down, paving the way for a more optimistic session on Wednesday. The German DAX, despite a negative opening, is currently in the positive territory with a 0.37% increase. Other European indices are also recovering: the French CAC40 is gaining nearly 0.3%, and the British FTSE 100 is adding 0.1%.
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The volatility currently observed on the European market. Source: xStation5
The German DAX (DE40) has rebounded from its recent low after falling below the 50-day moving average. A break above this moving average is crucial for a potential return to recent highs. However, if the DAX fails to break above and rebounds lower instead, further declines towards 18000 could be expected. Source: xStation5
Corporate news:
- UniCredit has acquired a 9% stake in Commerzbank (CBK.DE), making the Italian bank the second largest shareholder (after Germany). As previously announced, UniCredit plans to further increase its stake, which will depend on the company's "financial parameters". Shares of the German bank are soaring 17.3% today.
- Abu Dhabi National Oil Company is planning to acquire the German chemical giant Covestro (1COV.DE) for €14.4 billion - potentially the largest acquisition in the history of the chemical industry. The sum follows up a series of rejections of more modest offers considered over more than a year of negotiations. Covestro's shares opened nearly 1.5% higher today.
- Infineon Technologies (IFX.DE) has developed the first 300mm gallium nitride wafer, more than doubling the efficiency of semiconductor production, while compared to the 200mm counterpart. The company, aiming to lead in GaN technology, is seeing its shares rise 1.3% today.
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