- European stocks erased early gains
- Eurozone retail sales fell sharply in December
- Linde (LIN.DE) signs a deal with Singapore semiconductor manufacturer
European indices launched today's session higher however failed to uphold momentum as investors weighed concerns over a more hawkish ECB whose yesterday rhetoric increased market expectations that interest rates will rise this year and improved prospects in the tech sector after strong earnings from US Amazon. Downward move accelerated further after downbeat Eurozone retail sales data dropped 3% MoM in the last month of 2021. It is biggest decline in eight months and much worse than market forecasts of a 0.5% fall, amid the spread of the omicron variant and as pandemic-related restrictions were implemented. Among the bloc's largest economies, sales shrank 5.5% in Germany, 0.2% in France and 5.7% in Spain.
DE30 - despite upbeat start of today's session buyers failed to uphold momentum and index bounced off the resistance at 15,550 pts level, which coincides with lower limit of the triangle formation. Index is currently heading towards support at 15148 pts which is marked with 23.6% Fibonacci retracement of the upward wave launched at end of October 2020. Only a break above the aforementioned 15,550 pts resistance could see sentiment change to bullish. Source: xStation5
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile appCompany news:
Linde (LIN.DE) signed an agreement to supply high-purity industrial gases to a leading semiconductor manufacturer in Singapore. Linde said that this agreement is one of over US$ 1 billion of new electronics projects signed by company with leading electronics companies in the past year.
Linde (LIN.DE) stock price broke below upward trendline and is currently testing major support at €268.60 which is marked with previous price reactions, 200 SMA (red line) and 23.6% Fibonacci retracement of the upward wave launched in March 2020. Should beak lower occur, downward move may accelerate towards next support at €243.00. Source: xStation5
Siemens (SIE.DE) is planning to increase its spending on research and development to €5.5 billion euros in order to develop new products and services this year, according to Reuters. That represents an increase from the €4.9 billion euros Siemens spent on research and development in 2021.
