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European stocks closed strongly higher with a buoyant mood as Brexit negotiators took a conciliatory tone

Oct 16, 2018

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

European Markets

  • European stocks closed strongly higher with a buoyant mood as Brexit negotiators took a conciliatory tone
  • The Euro Stoxx 600 closed up +1.58%, the FTSE 100 advanced +0.43%, the DAX rose +1.4%, and the CAC 40 finished up +1.53%
  • Investor sentiment for European stocks finished trading positive with the advance/decline ratio for the Euro Stoxx 600 currently at 9.91x
  • Technology (+3.3%), Real Estate (+2.8%), and Industrial Goods & Services (+2.78%) stocks were the top performers in the Euro Stoxx 600 today
  • Basic Resources (+0.64%), Retail (+0.66%), and Oil & Gas (+0.7%) stocks were the worst performers in the Euro Stoxx 600 today
  • 5 stocks in the Euro Stoxx 600 hit 4-week highs while 249 stocks closed at 4-week lows
  • 5 stocks in the Euro Stoxx 600 finished the trading session overbought while 259 stocks closed oversold according to the 16-day RSI Measure
  • VSTOXX, the European stocks equivalent of the VIX, closed  down -4.84 points today to 14.23 after closing at 19.07 yesterday

Stocks Trending in the News

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  • British American Tobacco (BAT LN) said its vaping revenues will miss expectations this year.  British American Tobacco cut its vaping revenue expectation by 10% to USD$1.2bn.  British American Tobacco gave a somewhat pessimistic outlook for the product in general in contrast to other industry players.  British American Tobacco closed 4.6% lower at 3176.50 pence.  British American Tobacco is rated ‘Attractive’ in our United Kingdom All-Cap Global Top Stock Ideas   
  • Distribudora Internacional de Alimentacion (DIA IM) fell another 8.8% today to close at 1 euro in the wake of its profit warning.  A Bloomberg article notes a comment from Madrid based broker, ATL Capital, that the winner in this situation is Distribudora Internacional de Alimentacion’s largest shareholder, Russian billionaire Mikhail Fridman.  ATL Capital expects a tender from him for the rest of the 29% he does not already own and the share carnage makes his efforts less expensive.  Distribudora Internacional de Alimentacion is rated ‘Top Short’ in our European Large-Cap Global Top Stocks Ideas
  • Elmos Semiconductor (ELG GR) boosted its full year ebit margin causing ELG to soar 16.2% to close at 19.66 euros.   Elmos Semiconductor now expects ebit margin for the full year to come 15-17%, up from previous 13-15%.  Elmos Semiconductor expects full year sales growth of 8-12%.  In upping its guidance, Elmos Semiconductor cited positive developments in the 3Q.  Elmos Semiconductor is rated ‘Neutral’ in our European SMID-Cap Global Top Stocks Ideas
     

What is Going on with European Currencies?

  • EUR€ is currently little changed against the USD$ at 1.1591
  • GBP£ is currently up +0.449% against the USD$ to 1.3211
  • CHF is currently down -0.266% against the USD$ to 1.0106

Highlights from the European Bond Market

  • Generic Euro 10-Year Bonds are higher with yields down -1.2 basis points to 0.491%
  • German 10-Year Bunds are higher with yields down -1.2 basis points to 0.491%
  • French 10-Year Government Bonds are higher with yields down -2.6 basis points to 0.843%
  • UK 10-Year GILTs are higher with yields down -0.1 basis points to 1.609%
  • Italian 10-Year Government Bonds are higher with yields down -9.3 basis points to 3.453%
  • Spanish 10-Year Government Bonds are higher with yields down -3.6 basis points to 1.643%

Euro Stoxx 50 Movers

In local currency.
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Outperformers Sector Price 1D % Chg Volume
Safran SA Industrials 112 4.14%               1,303,000
Airbus SE Industrials 102 4.00%               1,877,647
Enel SpA Utilities 4.45 3.37%            47,536,568
ASML Holding NV Information Technology 155 3.21%               1,571,398
Nokia OYJ Information Technology 4.68 3.06%            21,882,568
 
Underformers Sector Price 1D % Chg Volume
Koninklijke Ahold Delhaize NV Consumer Staples 19.6 -0.46%               9,457,169
AXA SA Financials 22.5 -0.29%               7,833,002
Telefonica SA Telecommunication Services 7.03 -0.18%            10,899,933
BASF SE Materials 69.2 0.09%               2,709,621
Societe Generale SA Financials 35.4 0.20%               3,303,227