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European stocks close lower as uneven earnings results sap investor confidence

Oct 17, 2018

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

European Markets

  • European stocks closed lower as uneven earnings results sapped investor confidence and brought sellers to the market
  • The Euro Stoxx 600 closed down -0.4%, the FTSE 100 declined -0.07%, the DAX fell -0.52%, and the CAC 40 finished down -0.54%
  • Investor sentiment for European stocks finished trading negative with the advance/decline ratio for the Euro Stoxx 600 currently at 0.62x
  • Oil & Gas (-0.69%), Telecommunications (-0.11%), and Basic Resources (-0.02%) stocks were the top performers in the Euro Stoxx 600 today
  • Automobiles & Parts (-1.9%), Food & Beverage (-1.26%), and Utilities (-0.4%) stocks were the worst performers in the Euro Stoxx 600 today
  • 12 stocks in the Euro Stoxx 600 hit 4-week highs while 75 stocks closed at 4-week lows
  • 4 stocks in the Euro Stoxx 600 finished the trading session overbought while 83 stocks closed oversold according to the 16-day RSI Measure
  • VSTOXX, the European stocks equivalent of the VIX, closed  down -2.6 points today to 14.23 after closing at 16.83 yesterday

Stocks Trending in the News

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  • Danske Bank (DANSKE DC) closed 2.7% lower at 137.60 euros after its regulator denied its choice to take over as CEO.  Danske Bank applied to appoint the 40-year old head of its wealth management as CEO and the Financial Supervisory Authority replied he had insufficient experience to assume the role of CEO.  Danske Bank said it is screening other candidates and is in dialogue with the Financial Supervisory Authority.  Danske Bank is rated ‘Top Short’ in our European Large-Cap Global Top Stock Ideas.
  • Distribudora Internacional de Alimentacion (DIA IM) plunged 15% to close at 0.85 euros on news its director of financing was suspended.  Distribudora Internacional de Alimentacion took the action in the wake of its profit warning this week.   Distribudora Internacional de Alimentacion lost its CEO the day the profit warning was announced, adding to its woes.  Distribudora Internacional de Alimentacion is rated ‘Top Short’ in our European Large-Cap Global Top Stock Ideas
  • Royal Dutch Shell (RDSA LN) has agreed to sell its upstream assets to a unit of Norwegian Energy Co (NOR NO) in a deal valued at USD$1.9 billion.  Royal Dutch Shell, with this deal, will be exiting Norway, in practical terms, as it raises cash to pare debt.  Royal Dutch Shell closed 0.40% lower at 2485 pence.  Norwegian Energy Co closed 53% higher at 231.50 krona.  Royal Dutch Shell is rated ‘Attractive’ in both our European Large-Cap Global Top Stock Ideas and United Kingdom All-Cap Global Top Stock Ideas.  Norwegian Energy Co is not rated in our Global Top Stock Ideas.
     

What is Going on with European Currencies?

  • EUR€ is currently down -0.38% against the USD$ to 1.153
  • GBP£ is currently down -0.349% against the USD$ to 1.3135
  • CHF is currently down -0.208% against the USD$ to 1.0073

Highlights from the European Bond Market

  • Generic Euro 10-Year Bonds are higher with yields down -3 basis points to 0.461%
  • German 10-Year Bunds are higher with yields down -3 basis points to 0.461%
  • French 10-Year Government Bonds are higher with yields down -2.7 basis points to 0.816%
  • UK 10-Year GILTs are higher with yields down -3.4 basis points to 1.575%
  • Italian 10-Year Government Bonds are lower with yields up 9.5 basis points to 3.548%
  • Spanish 10-Year Government Bonds are lower with yields up 0.6 basis points to 1.649%

Euro Stoxx 50 Movers

In local currency.
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Outperformers Sector Price 1D % Chg Volume
ASML Holding NV Information Technology 160 3.47%               3,173,648
Unibail-Rodamco-Westfield Real Estate 162 2.09%                  510,137
Deutsche Bank AG Financials 9.85 2.06%                  667,931
Sanofi Health Care 77.2 1.05%               2,491,882
Deutsche Telekom AG Telecommunication Services 14.39 0.95%            13,637,257
 
Underformers Sector Price 1D % Chg Volume
Fresenius SE & Co KGaA Health Care 62.8 -8.90%               7,034,024
Danone SA Consumer Staples 62.2 -4.34%               4,418,650
CRH PLC Materials 26.4 -2.58%               2,056,836
Safran SA Industrials 110 -1.79%               1,154,851
Eni SpA Energy 15.6 -1.57%            10,859,827