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European market plunge as lockdowns return
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DE30 drops below 11,700 pts
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Deutsche Bank reports surprise profit
Stocks in Europe dive today as Germany moves to ban indoor dining at pubs, bars and restaurants for a month. Apart from that, there are rumours about France imposing nationwide, month-long lockdown. President Macron will address the nation at 7:00 pm GMT today. UK press also reported that there is a growing number of voices pressing Boris Johnson to impose lockdown.
DE30 plunged below a mix of key technical levels yesterday - 200-session moving average (purple line), lower limit of the Overbalance structure (yellow box) and 23.6% retracement of post-pandemic recovery rally. Trend has changed to downward. Decline continued and the German index dropped below 11,700 pts. The first major support can be found in the 11,350-11,450 pts area. Source: xStation5
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BASF (BAS.DE) reported Q3 earnings today. German chemical company reported a net loss of €2.12 billion on the back of €2.8 billion coronavirus-related impairment. Sales were 5% YoY lower at €13.81 billion (exp. €13.2 billion). Adjusted EBIT declined 45% YoY to €581 million. Q3 results were in-line with previously provided guidance. Company confirmed full-year targets and said it still expected sales in the €57-58 billion range and adjusted EBIT in the €3-3.5 billion range.
Delivery Hero (DHER.DE) published Q3 results today. Food delivery company said that orders doubled year-over-year to 362 million while revenue increased 99% YoY to €776 million. Gross Merchandise Volume increased 70% YoY to €3.4 billion. Company raised its full-year revenue outlook from €2.6-2.8 billion to €2.7-2.8 billion.
Deutsche Bank (DBK.DE) had €5.9 billion in net revenue in Q3 2020, up from €5.3 billion year ago. German lender reported an unexpected net profit of €182 million in the period (exp. €114 million loss). Provisions for bad loans stood at €273 million, down from €761 million in the second quarter of 2020 and €506 million in the first quarter.
Deutsche Bank (DBK.DE) dropped at the start of today's trading in spite of reporting surprise profit. However, declines have been almost fully erased already. Stock found support at the lower limit of trading range marked by 200-session moving average (purple line). Source: xStation5
