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European stock markets gain on Monday
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DE30 tests 11,750 pts
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Siemens Healthineers plans to ramp up production of Covid-19 tests in fiscal-2021
European markets are trading higher at the start of an intensive week. US elections, FED rate decisions as well as macro reports, including NFP for October, will play a key role in market moves this week. Meanwhile, the pandemic situation continues to deteriorate with the United Kingdom heading into a month-long lockdown on Thursday morning. Elsewhere, German Health Minister said that the number of German Covid-19 patients in intensive care units more than tripled over the past 2 weeks.
DE30 jumped today following successful defense of 11,450 pts support last week. The index is trading at daily highs near 11,750 pts at press time. The first major resistance to watch can be found in the 12,100 pts area, where 200-session moving average and 23.6% retracement are located. Source: xStation5
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Siemens Healthineers (SHL.DE) reported Q3 2020 earnings this morning. Sales declined 2% YoY. Operating profit declined 20% YoY to €626 million as costs in the Diagnostics unit jumped on development of rapid Covid-19 tests. Figure came in slightly below market forecast. Siemens Healthineers expects sales growth to reach 8% in fiscal 2021 (October 2020 - September 2021) as the company plans to ramp up production of Covid-19 tests.
Qontigo, an index provider and a subsidiary of the Deutsche Boerse (DB1.DE), experienced technical issues today. As a result opening of Euro Stoxx 600 and Euro Stoxx 50 indices was delayed by over an hour. Situation did not impact stocks per se but disrupted trading on derivatives tied to those 2 indices.
Deutsche Wohnen (DWNI.DE) received an upgrade at Jefferies. Recommendation for the stock was raised from "neutral" to "buy". Price target was boosted from €42 to €50.
Siemens Healthineers (SHL.DE) opened higher today following earnings release. However, stock trimmed gains as the session progressed and now trades near Friday's close. 50-session moving average (green line) was a resistance that turned out to be too tough to break. Stock is testing a lower limit of the recent trading range. Source: xStation5
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