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Main European stock market indices started the week lower
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DE30 tries to cover downward price gap
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Lufthansa (LHA.DE) sinks on oil price spike
Major stock market indices from the Old Continent launched new week lower as attacks on Saudi oil facilities caused a spike in risk aversion. German, Swedish and Belgian equities are among the biggest underperformers. On the other hand, solid gains can be spotted on the Russian stock exchange as gains of oil companies outweigh fear of conflict escalation in the Middle East.
DAX futures (DE30) opened lower on Monday in response to attacks on Saudi oil facilities. However, the early dip was halted by the 33-period EMA (green line, H4 interval) at around 12320 pts. The German index bounced higher and attempts to cover the downward price gap. Having said that, the last week’s cash session close in the vicinity of 12470 pts should be treated as the first near-term resistance to watch. Source: xStation5
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Attack on Saudi oil facilities that happened over the weekend caused oil prices to spike and made oil producers the best performing stocks at the beginning of a new week. On the other hand, airlines are among the companies that were hit the most as higher crude prices translate into higher fuel prices. Deutsche Lufthansa (LHA.DE) is no exception as the German carrier is the worst performing DAX stock on Monday morning.
Wirecard (WDI.DE) expanded global strategic partnership with UnionPay. The two companies will widen global acceptance of UnionPay and will try to develop a joint digital payments solution. The partnership will aim to roll out digital wallets dedicated to tourists ahead of the Winter Olympics that will be held in Beijing in 2022.
According to the FAZ report, Fresenius (FRE.DE) dropped plans of selling the blood transfusion unit. The German medical equipment company allegedly lost interest in selling the unit after a multi-month review of strategic options.
German chemical companies Covestro (1COV.DE) and BASF (BAS.DE) are among few DAX members to avoid share price drop on Monday morning. Source: Bloomberg
