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European stock advance on Monday
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DE30 lags behind European peers
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Financial Times targets Wirecard (WDI.DE) with new report
Most of the European stock market indices trade higher today. However, German DAX is lagging behind as it trades more or less flat. Markets' attention is focused on US-China relations as one of top US politicians is about to visit Taiwan. China rejects this visit.
Olaf Scholz, the German finance minister, will be a candidate to succeed Angela Merkel as the Chancellor of Germany. Scholz announced that the Board of his party - SPD - nominated him as party's candidate. Term of Angela Merkel runs out in 2021. Announcement can be seen as a surprise as Scholz is currently fighting with the fallout of Wirecard's collapse, which is partially blamed on him as a finance minister.
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DE30 gained during the Asian session and managed to test resistance zone at 12,750 pts. However, after a failed attempt the index pulled back and found support at 200-hour moving average (purple line). In turn, a double bottom was painted in a 12,650 pts area and DE30 looks to be gearing for another attack on the aforementioned resistance at 12,750 pts. Source: xStation5
Company News
According to a Financial Times report, funds may have been transferred out of Wirecard (WDI.DE) before payments company collapsed. Newspaper claims that German company made a number of unsecured loans to entities in Dubai, Philippines and Singapore at a time when the public was already discussing accounting fraud at a company. Wirecard said that those loans were part of its normal business operations.
ErlingKlinger (ZIL2.DE), German automotive spare parts manufacturer, said it had a positive free cash flow of €25.8 million in Q2 2020 in spite of a coronavirus pandemic. However, revenue was 41.9% YoY lower at €252.2 million. EBIT loss came in at €32.4 million in Q2 2020. The company decided to confirm the previous full-year outlook but stress that a lot of uncertainty surrounds forecast.
DAX members at 10:18 am BST. Source: xStation5
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