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European stocks try to recover from morning plunger
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DE30 eyes test of 12,500 pts
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Uber reportedly offered $1.2 billion for Daimler-BMW ride-sharing JV
European indices plugned at the beginning of today's cash trading but managed to recover a big part of losses already. Investors remain puzzled over whether we will see a return of strict lockdowns in major economies. Final US presidential debate that will be held overnight (2:00 am BST) can serve as a short-term distraction but coronavirus-related issues (spiking cases, lack of new stimulus deals) remain key drivers.
DE30 managed to recover a bulk of losses made during the first hour of today's session. German index dropped and touched a late-September low at 12,340 pts but has recouped over 100 points since. Index is approaching a mid-term price zone at 12,500 pts and breaking above it could make the outlook a bit more favourable for bulls. Source: xStation5
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According to media reports, Uber Technologies has offered $1.2 billion for Free Now, a ride-sharing joint venture operated by BMW (BMW.DE) and Daimler (DAI.DE). Daimler is reportedly ready to sell its half of the business while BMW would prefer to invite Uber to the venture rather than sell it to the US company. Free Now is Uber's biggest competitor in key European cities, like for example London.
Monsanto, subsidiary of Bayer (BAYN.DE), has lost a final appeal in the French court. Case related to accidental inhalation of Monsanto's weed killer by a French crop farmer. Farmer said that weedkiller, which was later banned from the French market, has caused him neurological problems. Ruling could encourage more victims to seek damages from the company.
Zalando (ZAL.DE) acquired Fision, Zurich-based software company. Fision developed a body scanning app that enables customers to see how clothes they plan to purchase would fit them. Financial details of the acquisition were not disclosed.
Daimler (DAI.DE) dropped below the price zone at 23.6% retracement of recent upward impulse. Stock managed to halt decline at the 200-hour moving average (purple line) and 38.2% retracement. Strong recovery move followed but Daimler was unable to break above the resistance at the aforementioned 23.6% retracement. Source: xStation5
