- European markets trade higher
- Eurozone inflation rate confirmed at 1.9%
- Puma (PUM.DE) raises 2021 guidance
DE30 attempted to rebound on Friday, in line with its European peers, with investors focusing on corporate earnings and the latest Eurozone inflation data. Richemont (CFR.CH) stock jumped 2% after the luxury goods retailer reported its quarterly sales more than doubled, helped by a strong performance in the Americas from its jewelry brands. Meanwhile, Rio Tinto (RIO.UK) which is the world’s largest iron ore producer exported 76.3m tonnes of steelmaking ingredient in the second quarter, 12% below the same period a year earlier amid heavy rain, labour shortage and a new approach to cultural heritage. On the data front, the Eurozone inflation eased in June after accelerating to a 2-1/2-year high of 2% in May while the bloc's trade surplus shrank in May due to a decline of exports.
DE30 made a timid rebound on Friday, after falling 1.0% in the previous session. Index bounced off the support at 15585 pts and broke above 50 SMA (green line) and 200 SMA (red line). If current sentiment prevails, the upward move may be extended to the resistance at 15740 pts or even all-time high at 15809 pts. Source: xStation5
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Create account Try a demo Download mobile app Download mobile appPuma (PUM.DE) lifted its sales outlook for the current year, due to increasing second quarter demand, especially in North America. Second quarter currency-adjusted sales nearly doubled to 1.589 billion euros and EBIT swung to a profit of around 109 million euros, Puma said. Company is expecting that sales will rise 20%, compared to previous forecast of mid-teens sales growth for the year, while earnings before interest and taxes (EBIT) should be in the range of 400 to 500 million euros.
Puma (PUM.DE) stock launched today’s session sharply lower and broke below 50 SMA (green lone). Currently price is testing major support at € 99.50 which coincides with the lower limit of the 1:1 structure. Should a break lower occur, then the next target for bears is located at € 95.25. On the other hand, if buyers manage to halt declines, then another upward impulse towards all-time high at €104.80 could be launched. Source: xStation5
Deutsche Bank AG (DBK.DE) sold financial instruments that led to losses at a high-profile Spanish hotel chain Palladium Group, widening the circle of companies that have taken a hit from attempts to mitigate exchange-rate risks according to Bloomberg. Palladium announced that it is in discussions with lawyers as it evaluates options to recoup losses from the bank.
Linde (LIN.DE) today announced it has started up its fifth liquid hydrogen plant in Texas, reinforcing the company's robust supply network of plants in California, Alabama, Indiana and New York.
