European stocks closed higher despite Brexit concerns as UK Prime Minister May said the UK and EU are "at an impasse"
Sep 21, 2018
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*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio
- European stocks closed higher despite Brexit concerns in the wake of UK Prime Minister saying the UK and EU are "at an impasse"
- The Euro Stoxx 600 closed up +0.43%, the FTSE 100 advanced +1.67%, the DAX rose +0.85%, and the CAC 40 finished up +0.78%
- Investor sentiment for European stocks finished trading positive with the advance/decline ratio for the Euro Stoxx 600 currently at 1.71x
- Basic Resources (+1.71%), Insurance (+1.06%), and Technology (+0.99%) stocks were the top performers in the Euro Stoxx 600 today
- Real Estate (-0.68%), Media (-0.13%), and Travel & Leisure (-0.09%) stocks were the worst performers in the Euro Stoxx 600 today
- 114 stocks in the Euro Stoxx 600 hit 4-week highs while 68 stocks closed at 4-week lows
- 31 stocks in the Euro Stoxx 600 finished the trading session overbought while 27 stocks closed oversold according to the 16-day RSI Measure
- VSTOXX, the European stocks equivalent of the VIX, closed little changed -0.37 points today to 12.82 after closing at 13.18 yesterday
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- Bloomberg reported that Germany would prefer a merger of Deutsche Bank (DBK GR) and Commerzbank (CBK GR) to any tie-up with a foreign bank. It is said to prefer a strong national bank for the next financial crisis as that would assure capital would not flee Germany in a crisis as it might if a foreign player were to control either bank. Commerzbank closed 0.79% higher at 9.55 euros while Deutsche closed 1.1% higher at 10.51 euros. Both Commerzbank and Deutsche Bank are rated “Unattractive” in our European Large-Cap Global Top Picks
- The CEO of RBS (RBS LN) said the bank is “in a very strong capital position.” With that, the bank is exploring ways to return capital to shareholders. He cited a share buyback or special dividend as options without giving any concrete plans. RBS closed 1.2% higher at 262.20 pounds. RBS is rated ‘Neutral’ in our United Kingdom Global Top Picks
- GlaxoSmithKline (GSK LN) rose 3% to 15.28 pounds on positive news for its Trelegy Ellipta medication. The European Medicines Agency gave it a positive use extension recommendation today. Analysts expect it to generate over USD$500mn in revenue by 2021. Glaxo is rated ‘Attractve’ in our United Kingdom Global Top Picks
What is Going on with European Currencies?
- EUR€ is currently down -0.297% against the USD$ to 1.1742
- GBP£ is currently down -1.462% against the USD$ to 1.3071
- CHF is currently little changed against the USD$ at 1.0422
Highlights from the European Bond Market
- Generic Euro 10-Year Bonds are higher with yields down -0.9 basis points to 0.462%
- German 10-Year Bunds are higher with yields down -0.9 basis points to 0.462%
- French 10-Year Government Bonds are higher with yields down -0.9 basis points to 0.779%
- UK 10-Year GILTs are higher with yields down -3.2 basis points to 1.553%
- Italian 10-Year Government Bonds are higher with yields down -5.2 basis points to 2.83%
- Spanish 10-Year Government Bonds are higher with yields down -1.6 basis points to 1.495%
Euro Stoxx 50 Movers
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