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European markets trade mixed
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DE30 tested all-time highs but failed
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United Internet gains after buyback announcement
European stock markets are trading mixed at the beginning of a new week. Indices from the Old Continent experienced strong upward move following the launch of the European cash session but most of those gains were erased already. German, French, UK and Polish indices trade slightly lower while stocks from the Netherlands, Italy and Spain trade a touch higher.
Source: xStation5
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Create account Try a demo Download mobile app Download mobile appDE30 tested the all-time high area near 15,800 pts at the end of the previous week but failed to break above. The zone was tested once again at the start of today's cash trading but bulls were again unable to break above it. The index began to pull back. A key near-term support zone to watch can be found ranging around 15,645 pts and is marked with previous price reactions as well as 38.2% retracement of the most recent upward impulse. The 15,645 pts zone also acted as the upper limit of the trading range recently. While the index managed to break above the range, it has not reached the potential range of the breakout yet (15,875-15,900 pts area).
Company News
According to a Reuters report, Airbus (AIR.DE) told its employees that it may be forced to lay out a thousand jobs if it does not spin-off a parts manufacturing business in Germany. Spin-off of the unit is a part of the cost-cutting strategy Airbus has laid out in April.
United Internet (UTDI.DE) decided to launch a buyback programme. German internet services provider will buy its own shares worth up to €160 million. Programme will be launched this month ( August 2021) and will end no later than end-April 2022.
Delivery Hero (DHER.DE) took an over 5% stake in its UK rival, Deliveroo.
United Internet (UTDI.DE) is trading higher today, following a buyback programme announcement. The stock is once again testing the upper limit of its recent trading range marked with 61.8% retracement (lower limit, €33.10) and 38.2% retracement (upper limit, €35.50) of the upward impulse launched in November 2020. The next resistance to watch is the €37.80 swing area. Source: xStation5
