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European stocks closed lower across the continent following profit taking in US and soaring bond yields

Oct 04, 2018

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

European Markets

  • European markets closed lower across the continent following US losses and a risk-off sentiment, US 10-years touched 3.2% contributing to the selling
  • The Euro Stoxx 600 closed down -1.08%, the FTSE 100 declined -1.22%, the DAX fell -0.35%, and the CAC 40 finished down -1.47%
  • Investor sentiment for European stocks finished trading negative with the advance/decline ratio for the Euro Stoxx 600 currently at 0.27x
  • Insurance (+0.96%), Banks (+0.38%), and Telecommunications (+0.17%) stocks were the top performers in the Euro Stoxx 600 today
  • Personal & Household Goods (-3.02%), Real Estate (-2.88%), and Chemicals (-1.9%) stocks were the worst performers in the Euro Stoxx 600 today
  • 62 stocks in the Euro Stoxx 600 hit 4-week highs while 51 stocks closed at 4-week lows
  • 25 stocks in the Euro Stoxx 600 finished the trading session overbought while 23 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 14.23 after closing at 14.61 yesterday

Stocks Trending in the News

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  • Danske Bank (DANSKE SS) closed 4.6% lower at 158.60 krona after confirming it “received requests for information from the US Department of Justice in connection with a criminal investigation relating to the bank’s Estonia branch”.  Earlier press reports had indicated Danske Bank had received the request.  Danske Bank is facing probes in Denmark and Estonia relating to potential money laundering at the Estonia branch.  Danske Bank is rated ‘Top Short’ in our European Large-Cap Global Top Picks
  • Jefferies published a note saying it would be unlikely for Reckitt Benckiser (RB LN) to spin-off its home hygiene unit as many in the market have recently speculated.  Reckitt Benckiser closed 4.2% lower at 6855 pence in wake of the note.  Jefferies noted the recent rally in Reckitt Benckiser “continues to mystify”.  Reckitt Benckiser is rated ‘Attractive’ in our United Kingdom All-Cap Global Top Picks 
  • Volkswagen (VOW GR) unit, Audi, is having problems getting enough certified engine-gearboxes for its cars, according to local press reports.  Audi is facing a production bottleneck due to insufficient gearboxes as new emission testing standards took effect last month.  Volkswagen closed 1.35 lower at 150.10 euros.  Volkswagen is rated ‘Neutral’ in our European Large-Cap Global Top Picks

What is Going on with European Currencies?

  • EUR€ is currently up +0.244% against the USD$ to 1.1506
  • GBP£ is currently up +0.556% against the USD$ to 1.3012
  • CHF is currently little changed against the USD$ at 1.0082

Highlights from the European Bond Market

  • Generic Euro 10-Year Bonds are lower with yields up 5.6 basis points to 0.531%
  • German 10-Year Bunds are lower with yields up 5.6 basis points to 0.531%
  • French 10-Year Government Bonds are lower with yields up 5.4 basis points to 0.874%
  • UK 10-Year GILTs are lower with yields up 9.4 basis points to 1.669%
  • Italian 10-Year Government Bonds are lower with yields up 1.6 basis points to 3.329%
  • Spanish 10-Year Government Bonds are lower with yields up 2.7 basis points to 1.563%

Euro Stoxx 50 Movers

In local currency.
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Outperformers Sector Price 1D % Chg Volume
Intesa Sanpaolo SpA Financials 2.17 2.15%      147,886,699.00
AXA SA Financials 23.7 1.89%         10,012,530.00
Munich Re Financials 194 1.65%               890,001.00
Deutsche Bank AG Financials 9.75 1.54%         15,233,127.00
Deutsche Telekom AG Telecommunication Services 14.06 1.52%         12,380,954.00
 
Underformers Sector Price 1D % Chg Volume
LVMH Moet Hennessy Louis Vuitton SE Consumer Discretionary 288 -4.89%           1,240,441.00
Unibail-Rodamco-Westfield Real Estate 164 -3.77%               712,700.00
L'Oreal SA Consumer Staples 201 -3.56%               726,702.00
Unilever NV Consumer Staples 46.7 -3.30%           5,968,822.00
Koninklijke Philips NV Health Care 37.4 -2.56%           2,904,417.00