- DE30 is testing major resistance zone
- European stocks edge higher
- Bayer (BAYN.DE) received favorable ruling against BASF (BAS.DE)
Upbeat sentiment prevails on European trading floors today led by a rebound in healthcare stocks and a rise in travel and leisure. The German DE30 rose 0,55%, the French FRA40 gains 0,45%. The FTSE100 trades 0,60% higher after fresh GDP figures showed that the U.K. economy contracted less than expected in Q2. Nevertheless, the outlook for the British economy is rather negative which was pointed out recently by the BoE. Elsewhere Eurozone industrial production rose 0.7%m/m in June, beating analysts’ estimates of 0.2%, while final inflation readings from France and Spain varied significantly. French CPI rose 0.3% on the month in July while Spanish CPI dropped by the same amount. On the weekly basis, major bourses in Europe are on track to book gains.
DE30 - buyers managed to regain control and once again are testing major resistance at 13790 pts. Breaking above this hurdle, may pave the way for a bigger upward correction. On the other hand, if sellers manage to regain control, another downward impulse towards local support at 13535 pts may be launched. Source: xStation5
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Arbitration court dismissed BASF’s (BAS.DE) claim that Bayer (BAYN.DE) had not fully disclosed personnel costs when it negotiated the sale of two asset bundles during the takeover of agricultural biotechnology company Monsanto.
"Bayer provided adequate information on the cost structure of the seeds businesses acquired by BASF in August 2018 and did not breach any contractual obligations. This has now also been confirmed by the arbitral tribunal," Bayer said.
Bayer (BAYN.DE) stock jumped over 4.0% on Friday and broke above the major support area around €53.30, which is marked with previous price reactions and 61.8% Fibonacci retracement of the last upward wave. If buyers managed to uphold current momentum, key resistance at €56.15 may be at risk. Source: xStation5
Allianz (ALV.DE) was reprimanded by Germany's financial watchdog BaFin to improve its internal controls following fraud at its U.S. funds unit, WirtschaftsWoche reported today.
