European indices are falling, DAX is falling by 2%
DE30 tests the uptrend line in the area of 12,700 points
The president of the Adler Group says liquidating the company is an option
European stock markets dropped on Thursday after weak Asian session. Aside from pervasive fears of a recession, there is no apparent reason for the decline. Blue chip indices in Western Europe are trading more than 1% less due to the general worsening of market sentiment. The German DAX (DE30) drops by more than 2%. Russian stock indices are falling by 6-7%.
The German DAX (DE30) fell at the start of today’s European box office session. The index broke the last local low at 12,800 and is currently testing the mid-term uptrend line. A breakthrough below would open the way for a test of the lows of early March in the 12,400 area. This zone is also marked by a 78.6% retardation of the growth that began in early November 2020 and is a key support. Another online support is in the 11,750 area and is characterized by pre-pandemic price responses. The mood on the stock markets is very pessimistic, as even positive data from China were not able to support the global indices.
Audi, brand Volkswagen (VOW1.PL), announced it would invest $ 19.2 million to resume production at a plant in the Brazilian state of Parana, which closed in 2020. The plant will have a production capacity of 4,000 vehicles per year.
Properties of the Big City (GYC.DE) announced that it will pay a dividend of EUR 0.8340 per share, which translates into a dividend yield of over 6%.
Actions Adler’s Group (ADJ.DE) dropped by more than 6% after the company’s CEO signaled that one option would be to wind up a troublesome real estate company.
Volkswagen shares (VOW1.DE) make another attempt to break through the support zone above € 180.00. The shares are testing the daily minimum on June 23, 2022. If the bulls do not regain control and the declines deepen, the next support to be watched will be the 160 euro zone. Source: xStation5
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