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European stock trade mostly lower
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DE30 approaches 15,000 pts
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Lufthansa suspends flights to and from Ukraine
European stock market indices are trading mostly lower at the beginning of a new week. UK FTSE 100 (UK100) is an outperformer, trading 0.2% higher at press time. Remaining blue chip indices from the Old Continent trade either lower or flat. Russia-Ukraine tensions remain at the top of the agenda. Russian state media has recently reported that a shell fired from Ukraine has hit a border guard post in the Rostov area. Reports of fighting in the eastern part of Ukraine also intensified over the weekend with first casualties being reported on both sides.
Source: xStation5
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Create account Try a demo Download mobile app Download mobile appDE30 has reappoached the 15,000 pts area this morning amid reports of continued fighting between Ukrainian government forces and Russian-backed separatists. The index is trying to make a break below a key, mid-term support zone ranging between 15,070 pts mark and 23.6% retracement of the upward move launched after 2020 US Presidential Elections. Index has made a few attempts of breaking below the area in the previous months but each turned out to be a failed one. Traders should watch today's daily close closely as finishing today's trading below the zone could hint at market weakness for the index looming ahead.
Company News
A UK court ordered Airbus (AIR.DE) to halt its decision to revoke a $6 billion jet order from Qatar Airways for a few weeks. As a result of court ruling, Airbus will not be able to sell early-delivery slots for jets that were previously ordered by Qatar Airways until April hearings in the case. In other news, it was reported that Airbus received a $6 billion order for 31 new jets from Kuwait Airways.
Lufthansa (LHA.DE) announced that it will suspend flights to Kyiv and Odessa amid an increase in Russia-Ukraine tensions. Suspension is effective from today and will be in place until at least Monday, February 28. The move follows similar actions taken by other European airlines.
In spite of announcing suspension of flights to and from Ukraine, Lufthansa (LHA.DE) is trading little changed on the day. Stock made a failed attempt of breaking above the 200-session moving average (purple line) last week and pulled back later on. Nevertheless, share price continues to trade within striking distance of the aforementioned moving average and retest cannot be ruled out. Source: xStation5
