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European stocks close higher on renewed hopes for a EU-Brexit deal

Aug 29, 2018

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*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio

European Markets

  • The Euro Stoxx 600 closed up +0.29%, the FTSE 100 declined -0.71%, the DAX rose +0.27%, and the CAC 40 finished up +0.3%
  • Investor sentiment for European stocks finished neutral with the advance/decline ratio for the Euro Stoxx 600 ending at 1.03x
  • Real Estate (+1.09%), Construction & Materials (+0.72%), and Chemicals (+0.56%) stocks were the top performers in the Euro Stoxx 600 today
  • Retail (-1%), Telecommunications (-0.11%), and Personal & Household Goods (-0.01%) stocks were the worst performers in the Euro Stoxx 600 today
  • 155 stocks in the Euro Stoxx 600 hit 4-week highs while 31 stocks closed at 4-week lows
  • 37 stocks in the Euro Stoxx 600 finished the trading session overbought while 9 stocks closed oversold according to the 16-day RSI Measure
  • VSTOXX, the European stocks equivalent of the VIX, closed little changed -0.17 points today to 12.99 after closing at 13.16 yesterday

Stocks Trending in the News

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  • Casino (CO FP) dropped over 4% after Credit Suisse dropped its price target to 31.65 euros from 42.45 euros.  Credit Suisse questioned the sustainability of Casino's recent ebitda growth rate while also saying it sees potential operating leverage in French operations.  Casino is rated ‘Unattractive’ in our European Large-Cap Global Top Picks.
  • Ryanair (RYA ID) has made significant progress in talks with striking pilots according to its CEO.  He expects a response form the unions within a week.  He also confirmed the acquisition of Laudamotion has closed, adding 9 A320s by summer 2019.  Ryanair is rated ‘Top Short’ in our European Large-Cap Global Top Picks.
  • Tesco (TSCO LN) dropped 2.5% after Barclay’s published a report detailing how discount stores are taking market share from large players such as Tesco.  As a side point, Barclay’s did not change its overweight rating for Tesco in that report.   Tesco is rated ‘Neutral’ in our United Kingdom All-Cap Global Top Picks.

What is Going on with European Currencies?

  • EUR€ is currently little changed against the USD$ at 1.1704
  • GBP£ is currently up +0.971% against the USD$ to 1.2998
  • CHF is currently up +0.42% against the USD$ to 1.0287

Highlights from the European Bond Market

  • Generic Euro 10-Year Bonds are lower with yields up 2.4 basis points to 0.404%
  • German 10-Year Bunds are lower with yields up 2.4 basis points to 0.404%
  • French 10-Year Government Bonds are lower with yields up 1.7 basis points to 0.736%
  • UK 10-Year GILTs are lower with yields up 3.7 basis points to 1.489%
  • Italian 10-Year Government Bonds are higher with yields down -6.2 basis points to 3.125%
  • Spanish 10-Year Government Bonds are lower with yields up 0.9 basis points to 1.464%

Euro Stoxx 50 Movers

In local currency.
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Outperformers Sector Price 1D % Chg Volume
CRH PLC Materials 29.3 2.02%         1,152,412.00
Intesa Sanpaolo SpA Financials 2.21 1.33%      76,721,484.00
Deutsche Bank AG Financials 9.97 1.12%      10,017,003.00
Safran SA Industrials 113 1.07%            704,448.00
Unibail-Rodamco-Westfield Real Estate 190 1.03%            266,810.00
 
Underformers Sector Price 1D % Chg Volume
Industria de Diseno Textil SA Consumer Discretionary 26.7 -5.66%         7,279,477.00
Cie de Saint-Gobain Industrials 36.2 -0.85%         1,869,007.00
Nokia OYJ Information Technology 4.89 -0.61%      12,404,362.00
adidas AG Consumer Discretionary 215 -0.51%            622,375.00
Deutsche Post AG Industrials 31.8 -0.41%         1,759,879.00