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German shares rose on Tuesday after the holiday on Monday. Upbeat sentiment powered European stocks higher as concerns related to Deutsche Bank AG easing off. The gains in the Deutsche shares boosted Germany’s DAX 30 index by as much as 0.7% to 10,599.00 in the morning session.
Deutsche Bank has been on the course of recovery since Friday, after J.P. Morgan Chase & Co. estimated the settlement between the German lender and the U.S Department of Justice will be about $5.4 billion, which is much lower than the initial $14-billion claim made by the US DOJ. Shares of Deutsche Bank gained 1.3% in early Frankfurt trade.
On the contrary, rival Commerzbank AG lost 0.7% after the second biggest bank in Germany confirmed forecasts that have predicting disappointing financial results from the bank in its third quarter. In its Capital Markets Day presentation on Tuesday, Commerzbank AG said that third-quarter operating profit is expected to be lower than the two previous quarters, while revenues are anticipated to be flat compared to the preceding quarter.
In general, advancing issues outnumbered declining ones by a 2:1 ratio. On the top of list of gainers was car maker BMW AG. Shares of the BMW group were upgraded to outperform by Exane BNP Paribas after ongoing sales success across all premium brands. BMW delivered a total of 165,431 vehicles in August, posting an increase of 5.7% over the same month last year.
In the first eight months of this year, total sales registered at 1,508,659 – up 5.5% compared with the same period last year. This is the first time ever that the group sold over 1.5 million vehicles during the first eight months of the year. European-listed BMW shares have jumped 2.65% so far.
Other auto makers namely Volkswagen and Daimler also rallied on Tuesday, surging more than 1.2% each.
Airline Deutsche Lufthansa led losers, dropping over 2% after a chain of rating agencies including Goldman Sachs Group Inc. and Morgan Stanley downgraded the shares of Germany’s largest airline to “sell” last week.
Fig: DAX H4 Technical Chart
The DAX 30 edged higher on Tuesday but has not yet breached the resistance at 10600.00. The index crossed above the two moving averages from below on Friday, signalling a reverse into an uptrend. The RSI has remained above 50, indicating that buyers are outnumbering sellers. Further up moves are expected as the ADX has soared above 20, confirming the uptrend.
Buy Digital Call Option from 10600.00 to 10650.00 valid until 20:00 GMT October 04, 2016