DE30 retreats ahead of US CPI data

• European stock markets opened lower
• German inflation rate highest since 1992
• Daimler (DAI.DE) shares fell sharply following Daimler Truck market debut

European indices launched today's session lower as investors assess the impact of the Omicron Covid variant and  weakU.K. GDP figures ahead of the release of highly anticipated  US inflation data. On the data front, Germany’s annual inflation rate confirmed a 5.2% hike in consumer prices in November, the fastest pace since 1992, while the UK’s October economic output rose less than expected.   

DE30 broke below 50 SMA (green line) and is currently approaching local support at 15500 pts. Should break lower occur, the next target for sellers is located around 15070 pts level. This zone is marked with a lower limit of the 1:1 structure,  23.6% Fibonacci retracement of the upward wave launched in October 2020. On the other hand if buyers will manage to regain control, then another upward impulse may be launched towards all-time high at 16325 pts. Source: xStation5

Company news:

Daimler (DAI.DE) stock plunged 17% after Daimler Truck made its debut on the Frankfurt Stock Exchange, at  €28.00 per share, after the spinoff of the commercial vehicle maker. Daimler still owns 35% of Daimler Truck shares. Company will be renamed Mercedes-Benz.

Daimler (DAI.DE) stock launched today's session with a massive bearish price gap and is currently trading below major support at  €75.50 which coincides with 23.6% of the upward wave launched back in March 2020 and 200 SMA (red line). If current sentiment prevails, downward move may accelerate towards next support at €65.00. Source: xStation5

Bayer (BAYN.DE) stock rose 1.6% after the chemical giant won a second straight verdict in a Roundup cancer case.

Siemens (SIE.DE) scrapped a legal bid to halt the award of a $2.64B high-speed train project in Britain to rivals Alstom and Hitachi.