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European stock markets trade higher
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DE30 pulls back from daily highs
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BMW with 33.5% increase in Q1 2021 sales
European markets moved off the daily highs but continue to trade above yesterday's closing prices. French CAC40 (FRA40 gains 0.5% and is the best performing index from Europe while Polish WIG20 (W20) drops 1% and is a top laggard. German DAX (DE30), Italian FTSE MIB (ITA40) and Dutch AEX (NED25) trades 0.1-0.2% higher.
ECB minutes is the main economic release of the day. However, it rarely has a major impact on the markets and it could be the same this time. Investors will look for details on accelerating PEPP purchases.
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DE30 managed to recover back above the lower limit of the Overbalance structure at 15,200 pts. However, a downward move was resumed this morning and the index once again trades near the aforementioned 15,200 pts mark. In case we see a more significant break below it today, declines may deepen towards the 23.6% retracement of a recent upward impulse (15,120 pts). This is the near-term support to watch. Source: xStation5
Company News
According to the Korea Economic Daily report, Delivery Hero (DHER.DE) will receive bids for its South Korean delivery app Yogiyo on May 4, 2021. Delivery Hero has been ordered to sell Yogiyo as a condition for approval of acquisition of Woowa Brothers, another South Korean food platform. According to media reports, Delivery Hero hopes the sale will result in proceeds of 2 trillion KRW.
BMW (BMW.DE) reported 33.5% increase in Q1 2021 sales, to 636.6 thousand units. European sales increased 8.3% to 238.76 thousand units while American sales increased 17.3% to 95.96 thousand units. Sales in Asia were 76.4% year-over-year higher at almost 287 thousand units.
Gerresheimer (GXI.DE) reported results for fiscal Q1 2021 (December 2020 - February 2021). Adjusted EBITDA increased from €51.1 million in Q1 2020 to €54.2 million in Q1 2021. Net income increased from €13.6 million to €18.5 million while revenue was little changed at €302.8 million. Adjusted EBITDA margin for core business improved from 18.2 to 19%. Gerresheimer expects adjusted EBITDA margin for core business at 22-23% in full fiscal-2021 and a revenue growth in mid single-digits.
Delivery Hero (DHER.DE) is trading higher today. Stock continues to test the short-term resistance zone range above the €115 mark. A point to note is that the area is additionally strengthened by the downward trendline. Breaking above this hurdle could pave the way for a retest of all-time highs in the €145 area. Source: xStation5
