ID 271193998 © Adonis1969 | Dreamstime.com

First reaction to Deutsche Post DHL numbers out today should likely be the one shared by Mr Market – stock up 1% to €41.2 at last look in mixed European trade, worst case for guidance avoided, its defensive characteristics* confirming what we witnessed after Fed Chair Jerome Powell did the talk. The Germans did it, let’s move on. Where to, though**?

(*After a steep rally from our ’Falling catching knives’ on 23 September and relevant DP-DHL follow-on a week later in ...

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