DE30 attempts to break back above 9,500 pts

• Equities try to recover thanks to rate cuts and short-selling bans

• DE30 tests the upper limit of the Overbalance structure

• Wirecard (WDI.DE) surges as KPMG sees no need to correct previous statements

Stock market indices from Europe are trading higher today as the market tries to recover from yesterday’s historic plunge. Polish WIG20, Italian FTSE MIB and Spanish IBEX are European top movers as each index gains over 5%. Miners, utilities and refiners lead gains in Europe while the travel sector underperforms.

Source: xStation5

DE30 rebounds along with other European indices today. However, the German index halted an initial surge at 9500 pts - the upper limit of the Overbalane structure (orange boxes). After a brief pullback, the index is once again trading near that level. A brak higher would make the outlook a bit more favourable for bulls. In such a scenario, the index could extend gain towards the recent short-term consolidation (9725-9900 pts). On the other hand, failure to surpass the 9500 pts handle may see the index pull back towards YTD low at around 8800 pts.

DAX members at 10:08 am GMT. Source: Bloomberg

Wirecard (WDI.DE) surged around 30% shortly after today's cash session open. The company said that auditor KPMG found no need to revise Wirecard’s financial statements from the 2016-2018 period. Shares of Wirecard were pressured for over a year by allegations of accounting misconduct. However, it should be said that the audit is not over yet and is expected to be completed by April 22. Wirecard shares have erased much of the gain already.

Deutsche Bank (DBK.DE) told thousands of its employees in the United States to work from home or from one of the company’s recovery sites.

Spokesman of the Deutsche Boerse (DB1.DE) said that the exchange was mulling whether to restrict short-selling or not. Eventually, the management ruled against such a solution and does not plan to impose short-selling ban for now. Such actions were taken by operators of Spanish, UK, Italian and South Korea stock exchanges today.

Analyst actions

• Barclays maintain “overweight” rating on MTU Aero Engines (MTX.DE). Price target was cut to €184

Wirecard (WDI.DE) jumped at the launch of today’s session. The stock opened near €110 handle but started to pull back almost immediately. Pullback erased most of the gains but bulls attempt to bring share price back above the key level at €100.00. Source: xStation5