European stocks ended week lower as fears of Italian fiscal problems grow
Sep 28, 2018
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*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio
- European stocks ended the week lower as fears of Italian fiscal problems grow in the wake of annoucing a fiscal deficit higher than the market expected. The populist coalition government announced a deficit target of 2.4% for the next three years, overriding the proposal of the non political Finance Minister, Giovanni Tria, of a deficit target of 1.9%
- The Euro Stoxx 600 closed down -0.83%, the FTSE 100 declined -0.47%, the DAX fell -1.52%, and the CAC 40 finished down -0.85%
- Investor sentiment for European stocks finished trading negative with the advance/decline ratio for the Euro Stoxx 600 currently at 0.39x
- Food & Beverage (+0.13%), Travel & Leisure (+0.13%), and Basic Resources (-0.06%) stocks were the top performers in the Euro Stoxx 600 today
- Banks (-2.76%), Insurance (-1.76%), and Telecommunications (-1.7%) stocks were the worst performers in the Euro Stoxx 600 today
- 75 stocks in the Euro Stoxx 600 hit 4-week highs while 63 stocks closed at 4-week lows
- 41 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 up +1.59 points today to 14.76 after closing at 13.17 yesterday
- Chinese electronics giant TCL Corp (SZSE:000100) is in talks with ASM International NV (ENXTAM:ASML) about purchasing its remaining 25% stake in its Asian affiliate, ASM Pacific Technology (SEHKL:522). ASM International finished up 2.69% to €44.59. ASM International is rated "Attractive" in our Europea Large-Cap Global Top Picks. ASM Pacific Technology is rated "Attractive" in our China All-Cap Global Top Picks.
Vestas Wind Systems (CPSE:VWS), the world's largest makers of wind turbines, announced that it plans to lay off 300 persons in its European business while shifting its focus to higher-growth international markets. The company expects to realize annual saving of around €30 million (USD$35 million). Vestas closed up 1.61% to DKK434.40. The stock is rated "Neutral" in our European Large-Cap Global Top Picks.
What is Going on with European Currencies?
- EUR€ is currently down -0.163% against the USD$ to 1.1622
- GBP£ is currently down -0.176% against the USD$ to 1.3056
- CHF is currently up +0.176% against the USD$ to 1.0251
Highlights from the European Bond Market
- Generic Euro 10-Year Bonds are higher with yields down -5.9 basis points to 0.47%
- German 10-Year Bunds are higher with yields down -5.9 basis points to 0.47%
- French 10-Year Government Bonds are higher with yields down -4.2 basis points to 0.804%
- UK 10-Year GILTs are higher with yields down -2.5 basis points to 1.573%
- Italian 10-Year Government Bonds are lower with yields up 25.9 basis points to 3.147%
- Spanish 10-Year Government Bonds are higher with yields down -0.5 basis points to 1.5%
Euro Stoxx 50 Movers
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||1D % Chg
|Koninklijke Ahold Delhaize NV
|Cie de Saint-Gobain
||1D % Chg
|Intesa Sanpaolo SpA
|ING Groep NV
|Deutsche Bank AG
|Banco Santander SA