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Stocks from Western Europe trade higher
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DE30 tested ATH but failed to break above
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Airbus delivered 50 jets in May
Majority of the stock market indices from the Western Europe trade higher today. French and UK equities are leaders with CAC40 (FRA40) and FTSE 100 (UK100) gaining around 0.3% each. Stocks from the eastern part of the Old Continent underperform with Polish WIG20 (W20) and Russian RTS (RUS50) dropping around 0.2% each.
German ZEW index for June was released at 10:00 am BST and turned out to be a disappointment. Expectations subindex dropped from 84.4 to 79.8, while the market expected an increase to 86.0. Current situation subindex improved from -40.1 to -9.1 (exp. -28.0). Much better-than-expected current situation reading hints that German economy continues to emerge from recession.
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Source: xStation5
DE30 broke below the lower limit of the short-term downward channel. However, downward move was halted at the support zone ranging above 78.6% retracement of correction move started on June 1st. Index recovered back abvoe the lower limit of the channel later on and even managed to retest all-time highs in the 15,730 pts area. An attempt of pushing the index back below 15,700 pts can be observed at press time. Should bears succeed, a pullback towards the aforementioned 78.6% retracement may be on the cards. On the other hand, if bulls managed to defend 15,700 pts zone, another attempt of breaking above ATH may be launched.
Company News
DHL, subsidiary of Deutsche Post (DPW.DE), is facing a potential legal action in Italy. Italian unit of DHL is being investigated by authorities for potential tax fraud. Reuters reports that assets worth over €20 million were seized by authorities. Deutsche Post confirmed that one of its Italian units is being investigated.
Airbus (AIR.DE) announced that it has delivered 50 aircraft in May, bringing year-to-date deliveries to 220 jets. This marks a 38% year-over-year increase compared to the January-May 2020 period. Airbus also confirmed that Lufthansa (LHA.DE) ordered 5 new jets in May while cancelling a previous order for 3 jets.
Delivery Hero (DHER.DE) teamed up with 3 other major platform companies from Europe - Glovo, Wolt and Bolt. Group of companies committed to work to develop better regulation standards for their industry, including recommendations for governments and regulators.
Airbus (AIR.DE) reached a fresh post-pandemic high today above €112.30. Stock broke above the upper limit of the trading range recently and a potential target of this breakout points to €115.00 area. Note that this area is marked with local lows from 2019. Source: xStation5
