European stocks closed lower behind rising oil prices, weakness in US markets and South Africa falling into recession punctuating EM fears
Sep 04, 2018
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*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio
- The Euro Stoxx 600 closed down -0.7%, the FTSE 100 declined -0.62%, the DAX fell -1.1%, and the CAC 40 finished down -1.31%
- Investor sentiment for European stocks finished trading negative with the advance/decline ratio for the Euro Stoxx 600 currently at 0.32x
- Banks (+0.68%), Utilities (-0.02%), and Travel & Leisure (-0.08%) stocks were the top performers in the Euro Stoxx 600 today
- Chemicals (-1.58%), Basic Resources (-1.57%), and Technology (-1.48%) stocks were the worst performers in the Euro Stoxx 600 today
- 47 stocks in the Euro Stoxx 600 hit 4-week highs while 78 stocks closed at 4-week lows
- 28 stocks in the Euro Stoxx 600 finished the trading session overbought while 22 stocks closed oversold according to the 16-day RSI Measure
- VSTOXX, the European stocks equivalent of the VIX, closed little changed +0.94 points today to 16.43 after closing at 15.49 yesterday
Stocks Trending in the News
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- Daimler AG (DIA) rolled out its first electric vehicle, its Mercedes-Benz EQC crossover which it expects to see a start of production in the next six months. Daimler’s CEO said their US$12bn investment plan in electric cars has actually become ‘more than that” without elaborating. Daimler closed 1.56% lower at 54.20 euros. Daimler is rated ‘Unattractive’ in our European Large-Cap Global Top Picks.
- ING Groep (INGA NV) will pay US$900mn to settle the probe into money laundering and corruption in its Estonian branch. The executive board will forego all bonuses this year and the payment will be taken as a one-time charge. ING Groep is rated ‘Top Short’ in our European Large-Cap Global Top Picks.
- Sanofi (SAN FP) reached a civil settlement with the US SEC to settle issues around violations of the US Foreign Corrupt Practices Act. Sanofi will pay US$25.2mn and improve internal controls as part of the settlement. Sanofi is rated ‘Neutral’ in our European Large-Cap Global Top Picks.
What is Going on with European Currencies?
- EUR€ is currently down -0.336% against the USD$ to 1.158
- GBP£ is currently little changed against the USD$ at 1.2859
- CHF is currently down -0.543% against the USD$ to 1.0262
Highlights from the European Bond Market
- Generic Euro 10-Year Bonds are lower with yields up 2.4 basis points to 0.357%
- German 10-Year Bunds are lower with yields up 2.4 basis points to 0.357%
- French 10-Year Government Bonds are higher with yields down 0.1 basis points to 0.692%
- UK 10-Year GILTs are lower with yields up 2.5 basis points to 1.429%
- Italian 10-Year Government Bonds are higher with yields down 14.4 basis points to 3.017%
- Spanish 10-Year Government Bonds are higher with yields down 2.1 basis points to 1.429%
Euro Stoxx 50 Movers
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||1D % Chg
|Intesa Sanpaolo SpA
|Societe Generale SA
|Deutsche Bank AG
|Banco Santander SA
||1D % Chg
|LVMH Moet Hennessy Louis Vuitton SE
|ASML Holding NV
|Air Liquide SA