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European stocks close lower, giving up earlier gains, as risk-off sentiment grows and markets follow Asia lower

Oct 18, 2018

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

European Markets

  • European stocks close lower, giving up earlier gains, as risk-off sentiment grows and markets follow the lower close in Asia overnight
  • The Euro Stoxx 600 closed down -0.51%, the FTSE 100 declined -0.39%, the DAX fell -1.07%, and the CAC 40 finished down -0.55%
  • Investor sentiment for European stocks finished trading negative with the advance/decline ratio for the Euro Stoxx 600 currently at 0.73x
  • Health Care (+0.92%), Food & Beverage (+0.82%), and Media (+0.44%) stocks were the top performers in the Euro Stoxx 600 today
  • Technology (-2.1%), Construction & Materials (-1.83%), and Banks (-1.69%) stocks were the worst performers in the Euro Stoxx 600 today
  • 21 stocks in the Euro Stoxx 600 hit 4-week highs while 44 stocks closed at 4-week lows
  • 5 stocks in the Euro Stoxx 600 finished the trading session overbought while 94 stocks closed oversold according to the 16-day RSI Measure
  • VSTOXX, the European stocks equivalent of the VIX, closed up 1.20 points today to 18.22 after closing at 17.02 yesterday

Stocks Trending in the News

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  • CaixaBank (CABK SA) closed 4.5% lower at 3.64 euros after an unfavorable ruling from Spain’s Supreme Court.  CaixaBank, along with other Spanish banks, will have to pay mortgage-documentation taxes, not the borrowers.  CaixaBank’s plunge was mirrored across the sector in Spain today.  CaixaBank is rated ‘Unattractive’ in our US Large-Cap Global Top Stock Ideas.
  • Ericsson (ERICB SS) closed 6.2% higher at 82.82 krona after reporting 3Q results that solidly beat expectations.  Ericsson’s CFO said “We see that we have good momentum in our product portfolio” in a Bloomberg interview, highlighting that most of its growth is in North America.  Ericsson is rated ‘Neutral’ in our US Large-Cap Global Top Stock Ideas.
  • Michelin (ML FP) closed 0.63% higher at 98.90 euros despite refining guidance a bit lower and being downgraded at Goldman Sachs.  Michelin lowered volume expectations though it expects higher average prices.  Michelin expects volume growth at 1.5% and said it is on target for 1.2 billion euros in cost savings by 2020.  Michelin is rated ‘Unattractive’ in our US Large-Cap Global Top Stock Ideas.

What is Going on with European Currencies?

  • EUR€ is currently little changed against the USD$ at 1.1485
  • GBP£ is currently down -0.45% against the USD$ to 1.3056
  • CHF is currently little changed against the USD$ at 1.006

Highlights from the European Bond Market

  • Generic Euro 10-Year Bonds are higher with yields down -4.5 basis points to 0.416%
  • German 10-Year Bunds are higher with yields down -4.5 basis points to 0.416%
  • French 10-Year Government Bonds are higher with yields down -1.9 basis points to 0.797%
  • UK 10-Year GILTs are higher with yields down -3.7 basis points to 1.538%
  • Italian 10-Year Government Bonds are lower with yields up 13.8 basis points to 3.686%
  • Spanish 10-Year Government Bonds are lower with yields up 7.9 basis points to 1.728%

Euro Stoxx 50 Movers

In local currency.
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Outperformers Sector Price 1D % Chg Volume
Nokia OYJ Information Technology 4.85 2.86%            30,251,703
Koninklijke Ahold Delhaize NV Consumer Staples 19.9 2.18%               6,200,347
Bayer AG Health Care 78.4 1.34%               2,999,877
Orange SA Telecommunication Services 14 1.12%               7,554,402
Deutsche Telekom AG Telecommunication Services 14.55 1.08%            18,433,583
 
Underperformers Sector Price 1D % Chg Volume
SAP SE Information Technology 94.4 -5.94%               6,853,511
CRH PLC Materials 25.3 -4.39%               4,579,401
Fresenius SE & Co KGaA Health Care 60.5 -3.66%               3,595,572
Cie de Saint-Gobain Industrials 32.4 -3.56%               3,189,221
Intesa Sanpaolo SpA Financials 1.98 -3.30%          147,960,568