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European stocks see broad selling, close lower with Stoxx Europe 600 at lowest level since December 2016

Oct 23, 2018

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

European Markets

  • European stocks saw broad selling throughout the session and the Euro Stoxx 600 closed at its lowest level since December 2016
  • The Euro Stoxx 600 closed down -1.58%, the FTSE 100 declined -1.24%, the DAX fell -2.17%, and the CAC 40 finished down -1.69%
  • Investor sentiment for European stocks finished trading negative with the advance/decline ratio for the Euro Stoxx 600 currently at 0.13x
  • Personal & Household Goods (-0.19%), Utilities (-0.52%), and Media (-0.74%) stocks were the top performers in the Euro Stoxx 600 today
  • Technology (-3.73%), Oil & Gas (-2.6%), and Basic Resources (-2.59%) stocks were the worst performers in the Euro Stoxx 600 today
  • 23 stocks in the Euro Stoxx 600 hit 4-week highs while 86 stocks closed at 4-week lows
  • 3 stocks in the Euro Stoxx 600 finished the trading session overbought while 157 stocks closed oversold according to the 16-day RSI Measure
  • VSTOXX, the European stocks equivalent of the VIX, closed up 1.77 points today to 21.63 after closing at 19.36 yesterday

Stocks Trending in the News

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  • BMW (BMW GR) is expanding a recall to 1.6 million vehicles worldwide related to a possible fluid leak that could cause a fire.  BMW had already recalled 480,000 vehicles for the problem but further investigation revealed a larger problem.  BMW said the recall affects cars manufactured between 2010 and 2017.  BMW closed 1.2% lower at 73.50 euros.  BMW is rated ‘Unattractive’ in our European Large-Cap Global Top Stock Ideas.
  • Kering’s (KER FP) Gucci unit reported 35% growth in sales in 3Q, beating 28% consensus in a quarter with tough comps.  Sales at Kering unit Bottega Veneta fell 8% in the same period.  Kering closed 3.8% at 353.10 euros before the announcement was made post-market.  Kering is rated ‘Attractive’ in our European Large-Cap Global Top Stock Ideas.
  • Lloyds Banking Group (LLOY LN) awarded Schroders Plc (SDR LN) a contract to oversee 80 billion pounds (USD$104 billion) of its asset.   The agreement between Lloyds Banking Group and Schroders Plc is part of a larger alliance.   The expanded alliance between Lloyds Banking Group and Schroders Plc will include a wealth management venture in which Lloyds Banking Group will hold a majority.    Lloyds Banking Group closed flat at 56.39 pence.  Schroders Plc closed 4.2% lower at 2648 pence.  Lloyds Banking Group is rated ‘Neutral’ in our United Kingdom All-Cap Global Top Stock Ideas.  Schroders Plc is rated ‘Neutral’ in our United Kingdom All-Cap Global Top Stock Ideas.
     

What is Going on with European Currencies?

  • EUR€ is currently up +0.174% against the USD$ to 1.1484
  • GBP£ is currently up +0.255% against the USD$ to 1.2996
  • CHF is currently little changed against the USD$ at 1.0053

Highlights from the European Bond Market

  • Generic Euro 10-Year Bonds are higher with yields down -3.9 basis points to 0.409%
  • German 10-Year Bunds are higher with yields down -3.9 basis points to 0.409%
  • French 10-Year Government Bonds are higher with yields down -3.5 basis points to 0.786%
  • UK 10-Year GILTs are higher with yields down -5.8 basis points to 1.469%
  • Italian 10-Year Government Bonds are lower with yields up 10.2 basis points to 3.592%
  • Spanish 10-Year Government Bonds are higher with yields down -3.3 basis points to 1.663%

Euro Stoxx 50 Movers

In local currency.
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Outperformers Sector Price 1D % Chg Volume
Koninklijke Ahold Delhaize NV Consumer Staples 20.3 1.53%               5,656,476
Industria de Diseno Textil SA Consumer Discretionary 24.4 1.20%            18,567,707
Iberdrola SA Utilities 6.3 0.80%            18,612,508
Unilever NV Consumer Staples 47.6 0.40%               5,264,303
Intesa Sanpaolo SpA Financials 1.96 0.03%          147,731,158
 
Underperformers Sector Price 1D % Chg Volume
Bayer AG Health Care 69.3 -9.50%            11,459,452
ASML Holding NV Information Technology 148 -3.22%               2,709,561
Vinci SA Industrials 74.5 -2.95%               2,077,496
Safran SA Industrials 105 -2.73%               1,521,772
SAP SE Information Technology 92.6 -2.52%               3,639,614