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DE30: Muted trading ahead of NFP data release

10:35 AM 4 June 2021

  • European indices trade slightly lower

  • DE30 pulled back after failed test of 15,680 pts area

Stock markets in Europe trade slightly lower during the final trading session of the week. Scale of moves is minor and it looks like investors are waiting for hints from the US jobs data at 1:30 pm BST. ADP report released yesterday pointed to an addition of almost million jobs. Market consensus for today's release is 660k. 

Source: xStation5

DE30 was trading lower yesterday morning. However, the index has once again managed to find a support at the 200-hour moving average (purple line) and launched a recovery move afterwards. German index tested 15,680 pts ATH area this morning but was unable to break above. Near-term resistance levels to watch can be found at 15,680 pts, 15,738 pts (127.2% retracement of recent correction) and 15,810 pts (161.8% retracement). The main support zone to watch ranges below the 15,550 pts mark and is marked with previous price reactions as well as the upward trendline. Traders should be aware that NFP data release at 1:30 pm BST may trigger elevated volatility on equity indices.

Company News

DWS, the asset management subsidiary of Deutsche Bank (DBK.DE), has reportedly joined a group of companies that have submitted initial bids for the asset management business of NN Group . Allianz, Generali and UBS are said to be among other bidders. Recent reports hint that NN's unit may be valued at around €1.5 billion.

Analysts' actions

  • Deutsche Wohnen (DWNI.DE) downgraded to "sell" at LBBW. Price target set at €52

  • Hochtief (HOT.DE) downgraded to "neutral" at Oddo BHF. Price target set at €67

  • Beiersdorf (BEI.DE) upgraded to "buy" at Citi. Price target set at €115

Hochtief (HOT.DE) is taking a hit today, following a downgrade at Oddo BHF. Stock is trading over 3% lower and is testing the mid-term support zone ranging between $64 mark and the 50% retracement of the post-pandemic recovery move. Stock is trading at the lowest level since November 6, 2020. Source: xStation5

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