- European stock markets trade higher
- Weak PMI data from France and Germany
- Volkswagen (VOW3.DE) plans to start a EV battery systems factory in China
European stocks rally for a third day as market sentiment improves after Evergrande said it would make a coupon payment on its domestic bonds. Meanwhile investors digested weak PMI data and the latest US Fed monetary policy decision. Recent data from the Europe private sector showed that economic recovery from the Covid-19 pandemic lost momentum in September. Later in the day investors’ attention will focus on the Bank of England’s monetary policy decision, however no major changes are expected regarding the quantitative easing program. The central bank of Norway, however, raised its key rate to 0.25%, becoming the first major advanced economy to do so since the pandemic. Turkey's central bank meeting will also take place today.
German DAX (DE30) rose sharply at the beginning of today’s session and broke above the resistance area around 15,515 pts zone which is marked with the 50.0% Fibonacci retracement of the downward move launched on August 13 as well as the50 SMA (green line). Currently the index is testing local resistance around 15,640 pts which coincides with the upper limit of the 1:1 structure and 61.8% retracement. Should break higher occur, then upward move may accelerate towards 15,800 pts level. Source: xStation5
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Volkswagen AG (VOW3.DE) announced today that it is building a new electric vehicle (EV) battery system factory which will be located in Hefei city, eastern part of China. Car producer plans to start production in 2023. The factory's initial capacity is expected to reach from 150,000 to 180,000 battery systems a year for local EV production.
Volkswagen AG (VOW3.DE) stock launched today’s session sharply higher and managed to close the bearish gap from the beginning of the week. If current sentiment prevails then the upward correction may be extended to the resistance at €197.75 which is marked with upper limit of the 1:1 structure, 50 SMA (green line), downward trendline and 23.6% Fibonacci retracement of the last downward wave. On the other hand, if sellers manage to regain control, then another downward impulse towards support at €179.00 may be launched. Source: xStation5
Fresenius Medical (FME.DE) recently signed a strategic distribution deal with JMS Co. Ltd. — a medical devices and pharmaceuticals provider in Japan. The partnership intends to offer a broader range of dialysis choices to Japan’s aging population that will align with their lifestyle, improve wellbeing and help acknowledge their home healthcare needs.
Airbus (AIR.DE) announced yesterday it would research an "extra performance wing" capable of changing shape during flight in an effort to secure greater efficiencies and reduce emissions.
