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Banking Stocks Lead European Markets Lower to Close the Week

Aug 10, 2018

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European Markets

  • Banking stocks lead European markets lower as European banks' exposure to an economic crisis in Turkey was a focus of investors
  • The Euro Stoxx 600 closed down -1.07%, the FTSE 100 declined -0.97%, the DAX fell -1.99%, and the CAC 40 finished down -1.59%
  • Investor sentiment for European stocks finished trading negative with the advance/decline ratio for the Euro Stoxx 600 currently at 0.15x
  • Media (-0.06%), Health Care (-0.3%), and Travel & Leisure (-0.36%) stocks were the top performers in the Euro Stoxx 600 today
  • Basic Resources (-1.92%), Banks (-1.91%), and Automobiles & Parts (-1.85%) stocks were the worst performers in the Euro Stoxx 600 today
  • 87 stocks in the Euro Stoxx 600 hit 4-week highs while 41 stocks closed at 4-week lows
  • 54 stocks in the Euro Stoxx 600 finished the trading session overbought while 13 stocks closed oversold according to the 16-day RSI Measure

What's Going on with European Currencies?

  • EUR€ is currently down 1.119% against the USD$ to 1.1398
  • GBP£ is currently down 0.6% against the USD$ to 1.2747
  • CHF is currently down 0.179% against the USD$ to 1.0046

Highlights from the European Bond Market

  • Generic Euro 10-Year Bonds are higher with yields down 5.8 basis points to 0.317%
  • German 10-Year Bunds are higher with yields down 5.8 basis points to 0.317%
  • French 10-Year Government Bonds are higher with yields down 4.2 basis points to 0.67%
  • UK 10-Year GILTs are higher with yields down 5.4 basis points to 1.242%
  • Italian 10-Year Government Bonds are lower with yields up 9.5 basis points to 2.993%
  • Spanish 10-Year Government Bonds are lower with yields up 1.3 basis points to 1.407%

Stocks Trending in the News

Click name for Q-Factor rating and financial data

  • BMW (BMW GY) was upgraded to equal weight at Morgan Stanley (MS) today, with the report noting the recent weakness in the stock opens a buying opportunity.  A 5% dividend, record low valuations and the fact that known risks are priced in were all noted.  
  • Randgold Resources (RRS LN) closed down 2.9% after reporting 2Q results below expectations yesterday.  EPS fell 40% to 54 cents on lower gold production, consensus was for 64.
  • Unicredit (UCG IM) was briefly halted today as banking stocks in general continued to fall.  Unicredit has operations in Turkey and as recently as 4 months ago injected capital into those operations.  Shares closed over 6% down.

 

*Data in price return. Source: Stockdio

Euro Stoxx 50 Movers

*Data in price return.  In local currency.

Outperformers Sector Price 1D% CHG Volume
Sanofi Health Care 74.11 0.75% 1,527,259.00
Industria de Diseno Textil SA Consumer Discretionary 27.98 0.11% 1,600,743.00
CRH PLC Materials 28.2 -0.25% 1,379,178.00
Iberdrola SA Utilities 6.522 -0.43% 18,107,328.00
Munich Re Financials 182.05 -0.79% 774,473.00

On Mobile/Tablet scroll to the right.  Source: S&P Capital IQ

Underperformers Sector Price 1D% CHG Volume
Banco Bilbao Vizcaya Argentaria SA Financials 5.64 -5.16% 33,954,562.00
ING Groep NV Financials 12.124 -4.31% 33,913,031.00
Deutsche Bank AG Financials 10.286 -4.06% 10,834,668.00
Intesa Sanpaolo SpA Financials 2.298 -3.65% 167,747,835.00
Daimler AG Consumer Discretionary 57.2 -3.12% 4,484,731.00

On Mobile/Tablet scroll to the right.  Source: S&P Capital IQ