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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

European Markets

  • 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

In local currency.
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Outperformers Sector Price 1D % Chg Volume
Intesa Sanpaolo SpA Financials 2.28 5.18%    165,663,193.00
Enel SpA Utilities 4.29 1.13%      30,866,718.00
Societe Generale SA Financials 35.7 0.93%         4,481,014.00
Deutsche Bank AG Financials 9.83 0.64%         4,840,546.00
Banco Santander SA Financials 4.29 0.46%      54,990,123.00
 
Underformers Sector Price 1D % Chg Volume
LVMH Moet Hennessy Louis Vuitton SE Consumer Discretionary 292 -3.51%            800,246.00
ASML Holding NV Information Technology 172 -3.20%         1,521,069.00
adidas AG Consumer Discretionary 211 -2.41%            628,735.00
Airbus SE Industrials 105 -2.18%         1,204,594.00
Air Liquide SA Materials 107 -2.16%            807,126.00