Profit taking in European stocks continued until close, capping a day of risk-off
Oct 05, 2018
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*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio
- Profit taking was steady all day with European stocks closing lower with strong risk-off movements
- The Euro Stoxx 600 closed down -0.86%, the FTSE 100 declined -1.35%, the DAX fell -1.08%, and the CAC 40 finished down -0.95%
- Investor sentiment for European stocks finished trading negative with the advance/decline ratio for the Euro Stoxx 600 currently at 0.26x
- Media (0%), Utilities (-0.21%), and Personal & Household Goods (-0.27%) stocks were the top performers in the Euro Stoxx 600 today
- Basic Resources (-2.53%), Technology (-2.15%), and Oil & Gas (-1.41%) stocks were the worst performers in the Euro Stoxx 600 today
- 48 stocks in the Euro Stoxx 600 hit 4-week highs while 145 stocks closed at 4-week lows
- 18 stocks in the Euro Stoxx 600 finished the trading session overbought while 54 stocks closed oversold according to the 16-day RSI Measure
- VSTOXX, the European stocks equivalent of the VIX, closed down -1.79 points today to 14.23 after closing at 16.02 yesterday
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- Kering (KER FP) shares closed 2% lower at 429.10 euros after a video appeared of its CEO reassuring employees about potential sales slowdowns. The video has fed existing fears about a slowdown at Kering and other luxury goods retailers. Kering is rated ‘Attractive’ in our European Large-Cap Global Top Picks.
- Novo Nordisk (NOVOB DC) shares closed 1.8% higher to 286.05 krona after it was reported that sales of obesity branded drugs rose 1.3% in September. Saxenda, from Novo Nordisk, led the sales gains with a 1% gain, according to data compiled by Symphony Health Solutions. Novo Nordisk is rated ‘Neutral’ in our European Large-Cap Global Top Picks.
- Osram (OSR GR) closed 2.7% lower at 33.01 euros after Credit Suisse initiated coverage with a neutral rating. The report highlights a fair valuation and that any surprises are likely to be to the downside if they come. Osram is well positioned strategically with a favorable end user exposure. Osram is rated ‘Top Short’ in our European Large-Cap Global Top Picks
What is Going on with European Currencies?
- EUR€ is currently little changed against the USD$ at 1.1511
- GBP£ is currently up +0.576% against the USD$ to 1.3096
- CHF is currently little changed against the USD$ at 1.0081
Highlights from the European Bond Market
- Generic Euro 10-Year Bonds are lower with yields up 4.2 basis points to 0.573%
- German 10-Year Bunds are lower with yields up 4.2 basis points to 0.573%
- French 10-Year Government Bonds are lower with yields up 3.1 basis points to 0.905%
- UK 10-Year GILTs are lower with yields up 5.3 basis points to 1.722%
- Italian 10-Year Government Bonds are lower with yields up 9.5 basis points to 3.424%
- Spanish 10-Year Government Bonds are lower with yields up 1.4 basis points to 1.577%
Euro Stoxx 50 Movers
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|Intesa Sanpaolo SpA
|Schneider Electric SE
|Cie de Saint-Gobain