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European stocks closed lower across the board, caught in the downdraft of global stock sell-off

Oct 11, 2018

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

European Markets

  • European stocks closed lower across the board, caught in the downdraft of the global sell-off
  • Traded volume continues to trend higher with today's volume for the European Composite little more than 66% above its 100-day moving average
  • The Euro Stoxx 600 closed down -1.98%, the FTSE 100 declined -1.94%, the DAX fell -1.48%, and the CAC 40 finished down -1.92%
  • Investor sentiment for European stocks finished trading negative with the advance/decline ratio for the Euro Stoxx 600 currently at 0.15x
  • Media (-0.73%), Travel & Leisure (-0.96%), and Basic Resources (-0.97%) stocks were the top performers in the Euro Stoxx 600 today
  • Insurance (-3.24%), Oil & Gas (-3.15%), and Financial Services (-2.92%) stocks were the worst performers in the Euro Stoxx 600 today
  • 19 stocks in the Euro Stoxx 600 hit 4-week highs while 306 stocks closed at 4-week lows
  • 4 stocks in the Euro Stoxx 600 finished the trading session overbought while 225 stocks closed oversold according to the 16-day RSI Measure
  • VSTOXX, the European stocks equivalent of the VIX, closed  down -4.17 points today to 14.23 after closing at 18.4 yesterday

Stocks Trending in the News

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  • Bayer (BAYN GR) is considering a sale of its veterinary unit according to a report in Bloomberg today.  Bayer is under pressure to sell assets as its stock has fallen over 20% this year.  In the wake its Monsanto acquisition, the veterinary unit could be a good target for a sale, the article notes.  Bayer has made no decisions yet, the story goes on to report.  Bayer closed 3% higher at 77.32 euros.  Bayer is rated ‘Neutral’ in our European Large-Cap Global Top Picks
  • Deutsche Telekom (DTE GR) said today it would spend 20 billion euros to cover 99% of Germany with 5G wireless service.  Deutsche Telekom plans to complete that rollout by 2021.  Deutsche Telekom also called on German regulators to provide more 5G frequencies as soon as possible.  Deutsche Telekom closed 2% lower at 14 euros.  Deutsche Telekom is rated ‘Neutral’ in our European Large-Cap Global Top Picks
  • Rio Tinto (RIO LN) reported today it lost USD$178mm in the first half of the year and USD$130mm in 3Q on old alumina contracts.  Rio Tinto has legacy contracts to supply aluminum and those contracts are not pegged to the current spot price.   Rio Tinto’s CEO recently said the volatility in the aluminum market was not a worry for Rio Tinto. At a presentation today, he outlined the actual costs of these legacy contracts.  Rio Tinto closed 0.47% lower at 3629 pence.  Rio Tinto is rated ‘Neutral’ in our United Kingdom All-Cap Global Top Picks

What is Going on with European Currencies?

  • EUR€ is currently up +0.53% against the USD$ to 1.1581
  • GBP£ is currently little changed against the USD$ at 1.3203
  • CHF is currently down -0.188% against the USD$ to 1.008

Highlights from the European Bond Market

  • Generic Euro 10-Year Bonds are higher with yields down -3.4 basis points to 0.518%
  • German 10-Year Bunds are higher with yields down -3.4 basis points to 0.518%
  • French 10-Year Government Bonds are higher with yields down -2 basis points to 0.882%
  • UK 10-Year GILTs are higher with yields down -5.4 basis points to 1.674%
  • Italian 10-Year Government Bonds are lower with yields up 5.8 basis points to 3.564%
  • Spanish 10-Year Government Bonds are lower with yields up 3 basis points to 1.643%

Euro Stoxx 50 Movers

In local currency.
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Outperformers Sector Price 1D % Chg Volume
Bayer AG Health Care 77.3 3.08%           8,495,079.00
Fresenius SE & Co KGaA Health Care 67.8 0.06%           2,828,333.00
Banco Bilbao Vizcaya Argentaria SA Financials 5.29 -0.08%      168,796,646.00
Industria de Diseno Textil SA Consumer Discretionary 24.9 -0.16%           3,450,495.00
Vivendi SA Consumer Discretionary 21.45 -0.23%           7,099,226.00
 
Underformers Sector Price 1D % Chg Volume
AXA SA Financials 22.6 -3.52%         14,455,011.00
TOTAL SA Energy 53.2 -3.43%         10,086,659.00
Allianz SE Financials 182 -3.38%           2,466,047.00
CRH PLC Materials 26.3 -3.17%           2,551,209.00
Munich Re Financials 184 -2.85%           1,050,214.00