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 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
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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
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