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 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
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