-
Still no call on US presidential race winner
-
DE30 drops below and climbs back above 12,000 pts
-
BMW, Vonovia and Zalando reported earnings
European stock markets are swinging wildly as US presidential elections are yet to be called. Results of House and Senate votes hint that deadlock in the US Congress will continue with Democrats controlling the lower chamber and Republicans retaining a majority in the Senate. Presidential race is too close to call with Biden leading 238-217 in electoral votes. However, full results from key battlegrounds like Wisconsin or Pennsylvania are yet to be announced.
Euro Stoxx, DAX and other European blue chips indices opened lower today but started to recover later on.
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile app
DE30 experienced some wild swings overnight and continued trade volatile during the European session. Recent upward correction was halted near the upper limit of the Overbalance structure (yellow box) and the 38.2% retracement of downward impulse started in early-September. Technical landscape looks favourable for bears but as US elections are too close to call right now, continued volatile trading may prevail today. Source: xStation5
Company News
BMW (BMW.DE) reported Q3 revenue that was 1.4% YoY lower, at €26.28 billion (exp. €25.95 billion). EBIT at €1.92 billion was 16% YoY lower. While those results were in-line with reports from other car manufacturers that showed strong recovery in Q3 2020, BMW is cautious about the future. Company said that resurgence in Covid-19 cases and return of restrictions may harm automotive demand.
Vonovia (VNA.DE) released results for the first 9 months of 2020. German real estate company had €1.016 billion in funds from operations in the period, up 8.9% YoY. EBITDA increased 7.6% YoY to €1.433 billion. Company confirmed its full-year EBITDA forecast at €1.88-1.93 billion and expects funds from operation to come in near the upper limit of the guidance range (€1.28-1.33 billion). Vonvoia also pledged to become almost climate-neutral by 2050.
Zalando (ZAL.DE) also reported Q3 earnings today. Company generated €118 million in EBIT, higher than €102.5 million expected. Sales at €1.85 billion were slightly lower than €1.86 billion expected. Company plans to triple the number of brick-and-mortar partners over the next year.
DAX members at 10:25 am GMT. Source: Bloomberg
