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European stock markets trade mixed
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DE30 trades near all-time high
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Bayer plans to auction pest-control unit
Stock markets in Europe are trading mixed on Wednesday - German, Dutch, Italian and Spanish indices gain while UK, French and Swiss equities decline. Trading has been rather calm so far today. Price action may get a little bit more volatile at 1:15 pm BST, when ADP employment data for March is released. Markets expect 550k increase in US employment, the highest addition since September 2020.
Source: xStation5
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Open real account TRY DEMO Download mobile app Download mobile appDE30 has reached an all-time high slightly above the 15,035 pts mark. However, the index failed to hold onto these gains and a small pullback was launched. DE30 is trading in a short-term 14,980 - 15,035 pts range. The lower limit of the range is marked with recent intraday price reactions while the upper limit is marked with the 161.8% exterior retracement of the downward correction started in mid-March. Breaking below the lower limit may pave the way towards the support zone ranging between 127.2% exterior retracement of the aforementioned correction and 23.6% retracement of recent upward move.
Company News
Daimler (DAI.DE) said that thanks to strong demand in China, it expects its Mercedes-Benz Cars&Vans unit to book higher year-over-year unit sales and revenues in Q1 2021. German carmaker expects positive trends from late-2020 to continue into 2021. Daimler Trucks unit is expected to generate flat year-over-year sales.
BMW (BMW.DE) said that it will not buy minerals extracted from deep-sea deposits until there is a comprehensive scientific research on the impact of deep-sea mining on the environment. Similar approach was taken by companies like Google, Volvo or Samsung.
According to a Reuters report, Bayer (BAYN.DE) plans to launch an auction of its pest-control unit this summer. Unit may be worth over €2 billion. Bayer cooperates with Bank of America on the sale. Neither Bayer, nor Bank of America confirmed the news.
Varta (VAR1.DE) is one of the best performing German stocks today. Company confirmed that it still expects 2021 revenue of around €940 million and adjusted EBITDA margin to rise to around 30%.
ElringKlinger (ZIL2.DE) is trading 10% lower following the release of 2020 results. Company's sales declined 14.1% YoY to €1.48 billion while EBIT at €27.7 million was 55% year-over-year lower. Company reported a net loss of €40.8 million and recommended not to pay a dividend.
ElringKlinger (ZIL2.DE) drops 10% today. Stock is plunging following the release of 2020 results and managed to break below the €13 price zone. The next support to watch can be found over 15% lower at €9.55. ElringKlinger has been trading in a downtrend since late-2013. Source: xStation5
