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EU Market Review 6th May 2021

May 6, 2021 (08:56)

by Elina Nikolova

ADIDAS share traded within a range between $302.50 price level and $259.00 price level. Yesterday the price action broke the range below $259.00 and also penetrated the support at $253.00. The MACD indicator is showing signs of weakness as the Signal MACD crossed below the MACD line and both lines are below the zero level. A break below the important support at $253.00 today, may potentially push the price further down, confirming the break-out of this trading range. Next important support levels seen at $223.00 and $189.50.

• The news for EU Economic Area and Europe in general on Thursday include news from the UK and one important indicator from Germany. According to a Reuter’s report, Global shares were up, while European markets were boosted by accelerating business activity and positive earnings.

• At 06:00 (GMT) the announcement of the German Factory Orders. This measures the Change in the total value of new purchase orders placed with manufacturers. This is an indicator of production which in turn signals expansion or contraction of an economys’ activity.

• At 08:30 GMT the UK Final Services PMI is due. These surveys include ratings of the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories.

• At 11:00 GMT the Bank of England will come out with the Official Bank rate which currently stands at 0.10% and is expected to remain unchanged. The Bank rate votes will accompany the announcement and are expected to be unanimous.

• At the same time (11:00 GMT) the Bank of England Monetary Policy report will take place. This report provides the BOE's projection for inflation and economic growth over the next 2 years.

European indices yesterday :

• DAX: +2.10%
• EURO: +1.99%
• MIB: +2.00%
• CAC: +1.40%

The original content of this Market Update is done in the English language. Any other language translation is provided for the sake of convenience. In case of any inconsistencies between the original English version and any other language, the original English version shall prevail.

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