• UK and France reported record daily rise of COVID-19 infections
• DE30 is testing major 12600 pts level
• BMW AG (BMW.DE)will pay 18 million fine over misleading sales figures
• BMW AG (BMW.DE)will pay 18 million fine over misleading sales figures
European are trading mixed today with DAX 30 falling 0.4% and other major indexes declining between 0.4% and 0.7%, while FTSE 100 rose 0.30% as daily novel coronavirus infection rates continue to accelerate across Europe, with the UK and France reporting record-high daily new infections since the outbreak started. On Thursday, French Prime Minister Jean Castex warned that the government could be forced to re-confine areas if the number of cases did not improve in the coming weeks. His government had already announced extra restrictive measures on Wednesday, mainly in big cities, to contain the disease. Meanwhile investors welcomed prospects of further US fiscal stimulus. The Democrats are working on a new, smaller $2.4 trillion bill as they try to move forward with talks with the Republicans.
DE30 broke sharply below the lower limit of the triangle pattern on Monday, but sellers were unable to uphold momentum and declines stalled at 12,600 pts level. If price will manage to stay above it, the upward impulse towards 13300 pts resistance level may occur. However, if we see a strong break below, then another downward impulse towards 12160 pts may be on the cards. Source: xStation5BMW AG (BMW.DE) and two U.S. subsidiaries will pay an $18 million fine to the Securities and Exchange Commission to resolve accusations that they disclosed misleading information about the company’s retail sales volume in the United States while raising approximately $18 billion from investors in corporate bond offerings.
BMW AG (BMW.DE) – stock price bounced off the upward trendline which is additionally strengthened by 50 MA (green line). Currently price is approaching resistance at €47.80. If buyers manage to break above it, an upward impulse towards €50.63 could be launched. On the other hand, declines may deepen once price breaks below the aforementioned trendline. In this case next support is located at €45.00. Source: xStation5Yesterday attorneys for Bayer AG (BAYN.DE) and consumers suing the company over allegations its Roundup weedkiller caused cancer informed that they are continuing to resolve thousands more cases, improving prospects for its $11 billion deal to end the litigation. Thursday's hearing was a contrast to the contentious tone among the parties last month that raised concerns the framework deal might unravel. Judge decided to kept a stay on litigation until Nov. 2 and asked the parties for a status update at that time.
Daimler (DAI.DE) announced that it will convert engine and transmission factories in Berlin and Stuttgart in anticipation of production needs as its transition to electric vehicles (EVs) intensifies. Daimler said German labor unions are involved as company's plans will result in cuts of approximately 20% to the 18,500-member workforce in Stuttgart by 2025.
Deutsche Bank (DBK.DE) - documents obtained by the German daily Suddeutsche Zeitung and later shared with the International Consortium of Investigative Journalists (ICIJ) appear to show that Deutsche Bank moved around 4 billion Danish crowns ($627 million) in so-called mirror trades through Danske Bank in Lithuania, the Danish outlets reported. Deutsche Bank declined to comment, and Danske Bank said it could not comment on specific matters due to ongoing investigations by authorities.
On Wednesday Nigeria has selected Siemens Energy (SIE.DE) to provide a cryogenic boil-off gas (BOG) compression train for its Bonny Island liquefaction plant in Finima
