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European markets trade mixed
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DE30 failed to break back above 13,360 pts
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Daimler to manufacture Mercedes-Benz heavy duty trucks in China
Stocks in Europe are trading mixed on Wednesday. German, French, Italian and Dutch equities decline while blue-chips from UK, Spain and Portugal post small gains. Polish WIG20 (W20) index is outperformer as it gains around 0.7% at press time. European indices took a hit when Bloomberg reported that Barnier is to warn EU member countries about a possibility of no-deal Brexit. ADP employment report for November at 1:15 pm GMT is a potential risk event as it will show whether recovery on the US labour market continues to slow.
Source: xStation5
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Open real account TRY DEMO Download mobile app Download mobile appDE30 failed to break above recent high yesterday and started to pull back. The German index made a retest of 13,360 pts handle this morning after breaking below it overnight. However, bulls failed to bring the index back above this hurdle and we have seen another leg lower since. Strong downward move triggered by the Bloomberg report on Brexit led to a test of the upward trendline but the index quickly recovered from a drop. DE30 needs to break back above 13,360 pts to confirm that ongoing decline is just a correction. However, as long as the index stays above the lower limit of the Overbalance structure at 13,250 pts it is too soon to talk about a longer-lasting decline.
Company News
According to a Reuters report, Deutsche Bank (DBK.DE) plans to eliminate a third of jobs in its retail banking hubs in Frankfurt and Bonn. The move is aimed at reducing costs and will result in a loss of around 350 jobs. Cuts will be made by the end of 2022.
Beiersdorf (BEI.DE) has appointed Astrid Hermann as a new Chief Financial Officer. She will take over starting from January and replace the previous executive, who has decided to leave the company.
Daimler (DAI.DE) will invest around $580 million together with its Chinese partner Beiqi Foton Motor in order to start manufacturing Mercedes-Benz heavy duty trucks in Beijing. Production is expected to start in two years.
DAX members at 10:15 am GMT. Source: Bloomberg
