DE30 drops below 14,000 pts

• European indices pull back

• DE30 drops below 14,000 pts

• Lufthansa cancels 900 flights in June due to staff shortage

European stock markets are trading lower on the final trading day of the week. Hawkish stance of major central banks as well as new lockdowns in China are denting moods on the global markets. German DAX is making a break below 14,000 pts for the first time since May 26. Italian FTSE MIB (ITA40) is the worst performing European blue chips index with a drop of 2.9% at press time.

DE30 quickly reached the target range of the head and shoulders pattern at 14,210 pts. However, declines did not stop there and the index continues to move lower. A break below 14,000 pts mark was made this morning although bulls are trying to push the price back above it. The next support in line can be found ranging in 13,880 pts area. Source:xStation5

The European Parliament voted in favor of a banning sales of new diesel and gasoline passenger cars and vans, starting from 2035. European carmakers, like BMW (BMW.DE), Volkswagen (VOW1.DE) or Mercedes Benz (MBG.DE) are already in process of making their new fleet fully electric but industry groups warn that such a strict ban will lead to job losses and higher prices for consumers.

Lufthansa (LHA.DE) said that it had to cancel around 900 flights scheduled for July due to staff shortages. Those are mostly domestic and short-haul European flights. Majority of those flights were scheduled for weekends and accounted for around 5% of weekend capacity. 

Share price of Lufthansa (LHA.DE) is pulling back after repeated failures to break above the 200-session moving average (purple line). Stock broke below €6.55 support and is eyeing a drop towards early-March low at €5.40. Source:x Station5