• UK inflation rate lowest since 2015
• Bayer (BAYN.DE) settles thousands more Roundup lawsuits
• Lufthansa (LHA.DE) may introduce deeper job and fleet cuts
• Bayer (BAYN.DE) settles thousands more Roundup lawsuits
• Lufthansa (LHA.DE) may introduce deeper job and fleet cuts
European indices are trading slightly higher as market participants look out for the Fed's meeting later in the day. US Central Bank will issue its quarterly economic projections, which will for the first time include estimates for growth, unemployment and interest rates for 2023. Meanwhile EU Commission President Ursula von der Leyen delivered first annual State of the Union speech today, stressing the importance of economic stimulus while emphasizing that EU needs to maintain a balance between providing support and securing the financial stability of the region. Commission expects EU's economies to start growing again in the third quarter of the year. When it comes to the ongoing pandemic, EU has to continue stockpiling strategic resources such as pharmaceutical goods in order to be prepared for worst-case scenarios.
On the Brexit front, the Internal Market Bill proposed by British PM Johnson’s is currently being debated in parliament and is facing opposition by some members of his Conservative Party. Meanwhile the annual inflation rate in the UK dropped to a near five-year low of 0.2% in August amid a big drop in prices in restaurants & cafes arising from the Eat Out to Help Out Scheme.
On the corporate front Spanish textile Inditex, owner of fashion retailer Zara, reported a quarterly profit of EUR 214 million well above analysts' expectations of EUR 96 million.
On the corporate front Spanish textile Inditex, owner of fashion retailer Zara, reported a quarterly profit of EUR 214 million well above analysts' expectations of EUR 96 million.
DE30 has been trading in an sideways move recently. Today price is approaching resistance at 13300 pts. If the bulls manage to break above this level, then the next resistance at 13,570 pts could be tested. On the other hand if sellers manage to take control on the market, the downward move towards upward trendline is possible. Source:xStation5
Lufthansa (LHA.DE) - according to Reuters, company may reduce its fleet by 130 planes due to the ongoing coronavirus crisis, about 30 more than previously planned, two people familiar with the matter said. Company's CEO Carsten Spohr informed staff on Monday that the airline's management would make a decision about the move in the coming week.
Lufthansa (LHA.DE) stock is testing major support level at €8.41 which is additionally strengthened by 50 MA (green line). If sellers manage to break below it, downward impulse towards support at €7.15 could be launched. However failure to break lower could see the price pull back towards near-term resistance at €9.60. Source: xStation5
Bayer AG (BAYN.DE) reached final settlement terms with three major law firms representing thousands of plaintiffs who claim exposure to its Roundup weed killer which caused them to develop cancer after criticism that the company was failing to uphold an $11 billion deal it announced in June to resolve the massive litigation.
Siemens Healthineers (SHL.DE) announced yesterday a collaboration with the U.S. Centers for Disease Control and Prevention (CDC) and the JRC (Joint Research Centre) of the European Commission on a research project to develop a novel process for standardizing SARS-CoV-2 assays.
