European stocks gave up earlier gains, markets closed lower as profit-taking dominated the close of the week
Oct 12, 2018
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*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio
European Markets
- European stocks traded higher in the morning session, but gave up all gains, turning negative and closing lower going into the weekend
- The Euro Stoxx 600 closed down -0.19%, the FTSE 100 declined -0.16%, the DAX fell -0.13%, and the CAC 40 finished down -0.2%
- Investor sentiment for European stocks finished trading neutral with the advance/decline ratio for the Euro Stoxx 600 currently at 1.12x
- Basic Resources (+0.84%), Technology (+0.47%), and Automobiles & Parts (+0.47%) stocks were the top performers in the Euro Stoxx 600 today
- Utilities (-1.54%), Real Estate (-1.37%), and Telecommunications (-0.98%) stocks were the worst performers in the Euro Stoxx 600 today
- 6 stocks in the Euro Stoxx 600 hit 4-week highs while 460 stocks closed at 4-week lows
- 1 stock in the Euro Stoxx 600 finished the trading session overbought while 290 stocks closed oversold according to the 16-day RSI Measure
- VSTOXX, the European stocks equivalent of the VIX, closed down -7 points today to 14.23 after closing at 21.24 yesterday
Stocks Trending in the News
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- AstraZeneca (AZN LN) was downgraded by Fitch today to BBB+ and with an improved outlook to stable from negative. AstraZeneca suffered the downgrade, according to Fitch, due to its 3 years of lagging free cash flow and declining profitability. AstraZeneca closed 1.5% down at 5546 pence. AstraZeneca is rated ‘Unattractive’ in our United-Kingdom Global Top Picks
- LVMH (MC FP) is Credit Suisse’s top stock in the luxury sector in the wake of the recent sell-off in the sector, it wrote in a research note today. LVMH’s losses with the sector’s sell-off appear excessive, the note highlights. LVMH closed 0.21% higher on the news. LVMH is rated ‘Top Buy’ in our European Large-Cap Global Top Picks
- Airbus (AIR FP) may make it to the market first with a long-range narrow-body jet, according to a story in Bloomberg today. Airbus may beat Boeing (BA) to the market by more than a year, delivering a jet by 2023, the story reports. Both Airbus and Boeing faces decisions on their next product developments and are consulting customers ahead of any decision. Airbus closed 3% higher at 100.26 euros while Boeing is trading flat at $358. Airbus is rated ‘Neutral’ in our European Large-Cap Global Top Picks, Boeing is rated ‘Attractive’ in our US Large-Cap Global Top Picks and ‘Neutral’ in our US Industrials Global Top Picks
What is Going on with European Currencies?
- EUR€ is currently down -0.319% against the USD$ to 1.1556
- GBP£ is currently down -0.567% against the USD$ to 1.3155
- CHF is currently down -0.208% against the USD$ to 1.0086
Highlights from the European Bond Market
- Generic Euro 10-Year Bonds are higher with yields down -2 basis points to 0.498%
- German 10-Year Bunds are higher with yields down -2 basis points to 0.498%
- French 10-Year Government Bonds are higher with yields down -1.5 basis points to 0.867%
- UK 10-Year GILTs are higher with yields down -4.1 basis points to 1.633%
- Italian 10-Year Government Bonds are lower with yields up 1.3 basis points to 3.577%
- Spanish 10-Year Government Bonds are lower with yields up 3.3 basis points to 1.676%
Euro Stoxx 50 Movers
In local currency.
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Outperformers |
Sector |
Price |
1D % Chg |
Volume |
Airbus SE |
Industrials |
100 |
3.01% |
2,510,746.00 |
Safran SA |
Industrials |
109 |
2.16% |
1,579,903.00 |
Nokia OYJ |
Information Technology |
4.5 |
1.33% |
21,067,902.00 |
SAP SE |
Information Technology |
98.1 |
1.02% |
4,027,769.00 |
Daimler AG |
Consumer Discretionary |
52.89 |
0.36% |
3,355,733.00 |
Underformers |
Sector |
Price |
1D % Chg |
Volume |
Iberdrola SA |
Utilities |
6 |
-3.44% |
27,839,237.00 |
Unibail-Rodamco-Westfield |
Real Estate |
157 |
-2.74% |
539,745.00 |
Fresenius SE & Co KGaA |
Health Care |
66.3 |
-2.21% |
1,713,451.00 |
Sanofi |
Health Care |
73.8 |
-2.17% |
2,997,716.00 |
L'Oreal SA |
Consumer Staples |
184 |
-1.92% |
749,333.00 |