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European markets trade lower
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DE30 tests support at 14,470 pts
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Deutsche Bank expects lower revenue this year
European markets trade lower on the final trading day of the week. Declines can be spotted all across the Old COntinent with Dutch and Portugal equities being top laggard. German DAX declines 0.7% while French CAC 40 and UK FTSE 100 trade 0.2% and 0.3% lower respectively.
Source: xStation5
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Create account Try a demo Download mobile app Download mobile appDE30 has reached a fresh all-time high just slightly below the 14,600 pts mark. However, the index is pulling back today after moods started to deteriorate during the Asian session. DE30 pulled back and is testing a key near-term support in the 14,470 pts area at press time. The zone is marked with a local high from Tuesday evening as well as the short-term upward trendline. Breaking below this hurdle would pave the way towards the lower limit of the market geometry at 14,265 pts. In case this level is breached as well, downward move may deepend towards 14,050 pts.
Company News
Deutsche Bank (DBK.DE) said it expects a slightly lower trading revenue in 2021 as pandemic-related boom slowly fades and volatility normalizes. The Bank expects growth to resume in 2022 but revenue is expected to remain below 2020 level in that year as well.
Volkswagen (VOW1.DE) deliveries increased 19% YoY in February, to 651.6 thousand vehicles. Sales increased 272% YoY in China and 12% in the remaining part of Asia pacific. Deliveries in Western Europe declined 22%, 6.3% in North America, 5.4% in South America and 1.6% in Central and Eastern Europe. Deliveries in January-February period increased 6.8% YoY, to 1.48 million vehicles.
Aurelius Equity Opportunities (AR4.DE) reported full-2020 EBITDA at €431.1 million, up 59% year-over-year and above estimate of €145.5 million. Sales declined 11.% YoY, to €3.23 billion (exp. €2.9 billion) while operating EBITDA dropped 0.8% YoY to €167.6 million. Company plans to pursue large acquisitions in 2021.
Analysts' actions
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BMW (BMW.DE) downgraded to "equal-weight" at Barclays. Price target set at €83
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Daimler (DAI.DE) upgraded to "overweight" at Barclays. Price target set at €96
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Suedzucker (SZU.DE) upgraded to "equal-weight" at Barclays. Price target set at €14.70
DAX members at 10:17 am GMT. Source: Bloomberg
