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European stocks closed broadly lower with Italian fiscal worries continuing to weigh on markets

Oct 02, 2018

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*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio

European Markets

  • European stocks closed lower with continued concern on the Italian fiscal conflict with the EU
  • The Euro Stoxx 600 closed down -0.52%, the FTSE 100 declined -0.28%, the DAX fell -0.42%, and the CAC 40 finished down -0.71%
  • Investor sentiment for European stocks finished trading negative with the advance/decline ratio for the Euro Stoxx 600 currently at 0.37x
  • Basic Resources (+0.76%), Utilities (+0.71%), and Automobiles & Parts (+0.17%) stocks were the top performers in the Euro Stoxx 600 today
  • Industrial Goods & Services (-1.32%), Retail (-1.26%), and Real Estate (-1.24%) stocks were the worst performers in the Euro Stoxx 600 today
  • 83 stocks in the Euro Stoxx 600 hit 4-week highs while 46 stocks closed at 4-week lows
  • 33 stocks in the Euro Stoxx 600 finished the trading session overbought while 28 stocks closed oversold according to the 16-day RSI Measure
  • VSTOXX, the European stocks equivalent of the VIX, closed little changed 0 points today to 14.23 after closing at 14.23 yesterday

Stocks Trending in the News

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  • GlaxoSmithKline (GSK LN) will reverse its 5-year old policy of not paying doctors to promote its medicines and attend medical meetings.  In a statement on their website, GlaxoSmithKline said the approach it had been using limited the understanding of its products and, in the end, limited patients’ access to some medicines.  GlaxoSmithKline closed 0.43% higher at 1538.60 pence.  GlaxoSmithKline is rated ‘Attractive’ in our United Kingdom All-Cap Global Top Picks
  • Philips (PHIA GR) closed 3.6% lower at 38.23 euros in the wake of a downgrade from Credit Suisse to neutral from outperform.  Philips is well positioned but will have near term challenges given weaker emerging markets currencies, the report notes.  Philips is rated ‘Attractive’ on our European Large-Cap Global Top Picks
  • Safran (SAF FP) closed 1.6% lower at 118.50 euros after the French government reported it sold 10.4mm shares at 119.65 euros.  After the sale, the French government remains the largest shareholder of Safran with 10.8% of the capital and 17.7% of the voting rights.   Safran is rated ‘Top Buy’ on our European Large-Cap Global Top Picks

What is Going on with European Currencies?

  • EUR€ is currently down -0.173% against the USD$ to 1.1558
  • GBP£ is currently down -0.422% against the USD$ to 1.2987
  • CHF is currently little changed against the USD$ at 1.0152

Highlights from the European Bond Market

  • Generic Euro 10-Year Bonds are higher with yields down -4.9 basis points to 0.422%
  • German 10-Year Bunds are higher with yields down -4.9 basis points to 0.422%
  • French 10-Year Government Bonds are higher with yields down -4 basis points to 0.786%
  • UK 10-Year GILTs are higher with yields down -6 basis points to 1.528%
  • Italian 10-Year Government Bonds are lower with yields up 15.3 basis points to 3.452%
  • Spanish 10-Year Government Bonds are lower with yields up 0.9 basis points to 1.539%

Euro Stoxx 50 Movers

In local currency.
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Outperformers Sector Price 1D % Chg Volume
Daimler AG Consumer Discretionary 56 2.04%         4,957,695.00
Engie SA Utilities 12.8 1.07%         7,458,949.00
Fresenius SE & Co KGaA Health Care 69.2 0.85%         2,087,263.00
Bayerische Motoren Werke AG Consumer Discretionary 78.7 0.72%         1,894,977.00
Enel SpA Utilities 4.40 0.63%      31,381,598.00
 
Underformers Sector Price 1D % Chg Volume
Koninklijke Philips NV Health Care 38.2 -3.64%         3,914,727.00
Industria de Diseno Textil SA Consumer Discretionary 25.5 -3.55%         3,698,688.00
Banco Bilbao Vizcaya Argentaria SA Financials 5.37 -2.65%    317,105,362.00
Siemens AG Industrials 107 -2.65%         3,898,813.00
LVMH Moet Hennessy Louis Vuitton SE Consumer Discretionary 300 -2.13%            725,827.00