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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 Markets

  • 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

European Markets

  • 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

In local currency.
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Outperformers Sector Price 1D % Chg Volume
Engie SA Utilities 12.7 0.84%      11,505,348.00
Koninklijke Ahold Delhaize NV Consumer Staples 19.8 0.17%         6,035,966.00
Cie de Saint-Gobain Industrials 37.1 0.11%         1,980,411.00
L'Oreal SA Consumer Staples 208 -0.14%            577,461.00
Unilever NV Consumer Staples 48 -0.15%         3,920,933.00
 
Underformers Sector Price 1D % Chg Volume
Intesa Sanpaolo SpA Financials 2.2 -8.44%    304,634,035.00
ING Groep NV Financials 11.2 -3.83%      30,217,248.00
Deutsche Bank AG Financials 9.83 -3.76%      22,320,181.00
Enel SpA Utilities 4.41 -3.67%      70,261,371.00
Banco Santander SA Financials 4.34 -3.25%      69,195,695.00