- European indices trade higher on Monday
- DE30 approaches resistance at 12950 pts
- Airbus (AIR.DE) close to finalize a deal with Saudi Arabia
European stock market indices rose sharply on Monday, on the prospect that the US Federal Reserve could slow the pace of interest rate hikes from the December meeting. Investors awaited the announcement of a new U.K. political leader and the ECB policy meeting on Thursday at which policymakers are likely to hike interest rates by another 75 bps to combat inflation. It will also be a busy week when it comes to quarterly results, with 118 companies in the STOXX 600 scheduled to report, including HSBC, Credit Suisse, Unilever and Mercedes-Benz. On the data front, the German manufacturing sector has retreated further into contraction territory, with the country’s manufacturing PMI falling to 45.7 in October, from 47.8 the previous month.
DE30 managed to erase early losses and i currently testing major resistance at 12950 pts, which coincide 38.2% Fibonacci retracement of the downward wave launched in June 2022.Source: xStation5
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Almost all sectors of the German economy turned green on Monday. Source: Bloomberg
Company news:
- Airbus (AIR.DE) is in advanced negotiations with Saudi Arabia which plans to order almost 40 A350 jets as part of strategic efforts to launch a new airline and challenge heavyweight carriers in the Gulf, according to Retuers
Airbus (AIR.DE) stock rose nearly 2.0% and is heading towards local resistance at €104.00 which is marked with 23.6% Fibonacci retracement of the upward wave launched in March 2020 and 200 SMA (red line). Source: xStation5
- A German consumer group plans to take Deutsche Bank's (DBK.DE) asset management unit DWS to court for allegedly misrepresenting a fund's green credentials in marketing materials, according to Reuters.
- Philips (PHIA.NL) shares plunged over 4% after company plans to lay-off 4,000 workers and warned that supply chain problems would continue to weigh on sales in the last months of 2022.
- Credit Suisse Group (CSGN.CH) stock jumped over 2.0% after it settled a tax fraud and money laundering case in France.
DAX biggest market movers. Source: Bloomberg
The most active stocks in the DAX index (DE30). Source: Bloomberg
