DE30: European stocks struggle to find direction

European markets trade little changed
DE30 has pulled back to the 50-hour moving average once again
Liberty Steel and ThyssenKrupp may start due diligence process soon

Major stock market indices from the Western Europea are trading more or less flat on Thursday. Liquidity conditions remain muted amid lack of US traders as the United States observes Thanksgiving Day today. UK equities stand out as FTSE 100 (UK100) drops around 0.5%. ECB minutes release at 12:30 pm GMT is a key point in today's calendar but it looks unlikely that it will have a major impact on the markets.

Source: xStation5

DE30 continues to trade in an uptrend. Bulls use pullbacks towards the 50-hour moving average (green line)as opportunities to jump into the market. Tests of the aforementioned moving average often occur near previous swing levels and a similar situation can be observed today. DE30 dropped this morning and found support at the moving average, which also coincides with the local peak from November 23. Should we see a similar rebound this time, bulls could aim for a recent peak at 13,350 pts. Mid-term resistance can be found in the 13,650 pts area as we have hinted in yesterday's analysis (potential range of a breakout from the ascending triangle pattern).

Company News

Bloomberg reports that talks between Liberty Steel and ThyssenKrupp (TKA.DE) over acquisition of the latter's steel business are making progress. Liberty Steel may receive access to Thyssenkrupp's books in the coming weeks and begin a due diligence process. However, there is no official confirmation yet and Bloomberg reports that the final offer has not been made yet.

Merck (MRK.DE) announced that it will invest €10 million in a new modular plant in the Darmstadt region in Germany. Plant is a part of a partnership between Merck and Siemens (SIE.DE) aimed at digitizing production. It is expected that it will be completed by 2022.

The South Korean Fair Trade Commission has been asked to launch a prosecutor probe into pricing schemes in Delivery Hero's (DHER.DE) app in the country. According to the South Korean Ministry of SMEs and Startups, Delivery Hero abused its business position and acted to the detriment of restaurants.

DAX members do not experience any major moves today. Source: Bloomberg

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DE30: European stocks struggle to find direction

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