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European stocks shrugged off global tensions and closed higher as Italy appeared ready to submit its budget to the EU by tonight's deadline

Oct 15, 2018

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

European Markets

  • European stocks shrugged off global tensions and closed higher as Italy was prepared to submit its budget to the EU by tonight's deadline
  • The Euro Stoxx 600 closed up +0.1%, the FTSE 100 advanced +0.48%, the DAX rose +0.78%, and the CAC 40 finished down -0.02%
  • Investor sentiment for European stocks finished trading negative with the advance/decline ratio for the Euro Stoxx 600 currently at 0.72x
  • Telecommunications (+1.6%), Basic Resources (+0.7%), and Oil & Gas (+0.58%) stocks were the top performers in the Euro Stoxx 600 today
  • Financial Services (-0.86%), Industrial Goods & Services (-0.76%), and Real Estate (-0.69%) stocks were the worst performers in the Euro Stoxx 600 today
  • 5 stocks in the Euro Stoxx 600 hit 4-week highs while 153 stocks closed at 4-week lows
  • 1 stock in the Euro Stoxx 600 finished the trading session overbought while 253 stocks closed oversold according to the 16-day RSI Measure
  • VSTOXX, the European stocks equivalent of the VIX, closed  moving down -1.14 points today to 19.07 after closing at 20.21 last week

Stocks Trending in the News

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  • Distribudora de Alimentacion (DIA SM), the Spanish supermarket distributor, has suspended its dividend and cut guidance for the coming year.  Distribudora de Alimentacion is seeing higher costs and lower revenues compared with last year.  Distribudora de Alimentacion now expects adjusted ebitda of 350-400mm euros down from 568mm euros a year ago.  Distribudora de Alimentacion closed 42% lower at 1.10 euros.  Distribudora de Alimentacion is rated ‘Top Short’ in our European SMID-Cap Global Top Stocks Ideas
  • Ericsson’s (ERICB SS) CEO said the holding period for mobile spectrum should be much longer than presently.  Ericsson’s CEO noted that no one would invest in an infrastructure project of only 20 years and that digital spectrum should have 25 year or longer holding periods, saying that would be “awesome”.  Ericsson closed flat at 73.84 krona.  Ericsson is rated ‘Neutral’ in our European Large-Cap Global Top Stock Ideas 
  • Porsche’s CEO told investors the company could fetch a valuation of “between 60-70 billion euros” if one applied the multiples of luxury goods makers to its business.  The Volkswagen (VOW GR) unit is not planning an IPO at this time he commented and any decision would be made at the group level, not by him.  Volkswagen closed 3% higher at 144.42 euros.  Volkswagen is rated ‘Neutral’ in our European Large-Cap Global Top Stock Ideas 

What is Going on with European Currencies?

  • EUR€ is currently up +0.234% against the USD$ to 1.1587
  • GBP£ is currently little changed against the USD$ at 1.3158
  • CHF is currently up +0.496% against the USD$ to 1.0126

Highlights from the European Bond Market

  • Generic Euro 10-Year Bonds are lower with yields up 0.5 basis points to 0.503%
  • German 10-Year Bunds are lower with yields up 0.5 basis points to 0.503%
  • French 10-Year Government Bonds are lower with yields up 0.2 basis points to 0.869%
  • UK 10-Year GILTs are higher with yields down -2.3 basis points to 1.61%
  • Italian 10-Year Government Bonds are higher with yields down -3.1 basis points to 3.546%

Euro Stoxx 50 Movers

In local currency.
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Outperformers Sector Price 1D % Chg Volume
Volkswagen AG Consumer Discretionary 144 3.04%               1,640,865
Bayer AG Health Care 78.1 2.59%               2,605,894
Koninklijke Ahold Delhaize NV Consumer Staples 19.7 2.55%               5,833,548
Deutsche Telekom AG Telecommunication Services 14.1 2.09%            12,519,862
Sanofi Health Care 75.29 2.06%               2,701,853
 
Underformers Sector Price 1D % Chg Volume
Airbus SE Industrials 97.8 -2.44%         1,822,785.00
Safran SA Industrials 108 -1.19%         1,201,723.00
Unibail-Rodamco-Westfield Real Estate 155 -0.96%            356,028.00
Koninklijke Philips NV Health Care 34.9 -0.95%         3,036,343.00
Societe Generale SA Financials 35.3 -0.90%         4,114,524.00