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European stocks closed lower, gripped by risk-off sentiment, as the global sell-off intensifies

Oct 10, 2018

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

European Markets

  • European stocks closed lower, gripped by risk-off sentiment driven by trade and growth fears, as the global sell-off intensifies
  • The Euro Stoxx 600 closed down -1.61%, the FTSE 100 declined -1.27%, the DAX fell -2.21%, and the CAC 40 finished down -2.11%
  • Investor sentiment for European stocks finished trading negative with the advance/decline ratio for the Euro Stoxx 600 currently at 0.2x
  • Oil & Gas (-0.7%), Telecommunications (+1.92%), and Basic Resources (-4.01%) stocks were the top performers in the Euro Stoxx 600 today
  • Automobiles & Parts (-3.01%), Food & Beverage (-1.4%), and Utilities (-0.87%) stocks were the worst performers in the Euro Stoxx 600 today
  • 8 stocks in the Euro Stoxx 600 hit 4-week highs while 271 stocks closed at 4-week lows
  • 7 stocks in the Euro Stoxx 600 finished the trading session overbought while 126 stocks closed oversold according to the 16-day RSI Measure
  • VSTOXX, the European stocks equivalent of the VIX, closed  down -2.67 points today to 14.23 after closing at 16.9 yesterday

Stocks Trending in the News

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  • BP (BP LN) CEO Bob Dudley said today that BP has increased its long term projection price for oil to USD$60-65/barrel from USD$50-55/barrel.  Additionally, he said BP is not planning for a future of USD$80/barrel for oil and does not expect USD$85/barrel to stay.  BP closed 1.7% lower at 569.20 euros. BP is rated 'Neutral' in our United Kingdom Global Top Picks
  • LVMH (MC FP) confirmed on its conference call today that Chinese customs authorities have stepped up checks of returning travelers for luxury goods.  LVMH fell 7.1% to 265.30 euros on the news, however, it is worth noting that the luxury sector in general was down considerably.  LVMH is rated ‘Top Buy’ in our European Large-Cap Global Top Picks
  • Wirecard (WDI GR) fell 11.7% to 160.55 euros despite being upgraded twice today.  Credit Suisse upgraded Wirecard to Outperform with a price target of 200 euros.  Oddo upgraded Wirecard to buy with a price target of 230 euros.  A company spokeperson said they had not made any comments since its very well received comments on Tuesday.  Wirecard is rated ‘Top Buy’ in our European Large-Cap Global Top Picks

What is Going on with European Currencies?

  • EUR€ is currently up +0.444% against the USD$ to 1.1542
  • GBP£ is currently up +0.495% against the USD$ to 1.3208
  • CHF is currently little changed against the USD$ at 1.0093

Highlights from the European Bond Market

  • Generic Euro 10-Year Bonds are lower with yields up 0.3 basis points to 0.552%
  • German 10-Year Bunds are lower with yields up 0.3 basis points to 0.552%
  • French 10-Year Government Bonds are lower with yields up 1.2 basis points to 0.902%
  • UK 10-Year GILTs are lower with yields up 1.2 basis points to 1.728%
  • Italian 10-Year Government Bonds are lower with yields up 3 basis points to 3.506%
  • Spanish 10-Year Government Bonds are lower with yields up 1.3 basis points to 1.613%

Euro Stoxx 50 Movers

In local currency.
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Outperformers Sector Price 1D % Chg Volume
Deutsche Telekom AG Telecommunication Services 14.3 2.70%      25,447,028.00
Orange SA Telecommunication Services 13.8 1.84%         8,824,126.00
Sanofi Health Care 76.6 1.39%         2,765,368.00
Societe Generale SA Financials 36.7 1.10%         4,609,994.00
Telefonica SA Telecommunication Services 7.09 1.10%         4,609,994.00
 
Underformers Sector Price 1D % Chg Volume
LVMH Moet Hennessy Louis Vuitton SE Consumer Discretionary 265 -7.14%         2,375,403.00
ASML Holding NV Information Technology 150 -5.51%         2,257,935.00
SAP SE Information Technology 98.7 -4.90%         3,586,189.00
adidas AG Consumer Discretionary 195 -4.53%         1,024,203.00
Schneider Electric SE Industrials 62.7 -4.19%         2,239,228.00