European stocks lose ground for a second day, with limited losses, in a directionless market with US election underway
Nov 06, 2018
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio
- European stocks drifted lower to post a loss for its second day, the European market was directionless today as the US election got underway
- The Euro Stoxx 600 closed down -0.26%, the FTSE 100 declined -0.89%, the DAX fell -0.09%, and the CAC 40 finished down -0.51%
- Investor sentiment for European stocks finished trading negative with the advance/decline ratio for the Euro Stoxx 600 currently at 0.73x
- Real Estate (+0.87%), Utilities (+0.55%), and Technology (+0.31%) stocks were the top performers in the Euro Stoxx 600 today
- Telecommunications (-1.34%), Basic Resources (-1.17%), and Retail (-0.96%) stocks were the worst performers in the Euro Stoxx 600 today
- 44 stocks in the Euro Stoxx 600 hit 4-week highs while 11 stocks closed at 4-week lows
- 5 stocks in the Euro Stoxx 600 finished the trading session overbought while 8 stocks closed oversold according to the 16-day RSI Measure
- VSTOXX, the European stocks equivalent of the VIX, closed down -0.23 points today to 18.10 after closing at 18.33 yesterday
Stocks Trending in the News
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- Deutsche Post (DPW GR) shares are seeing their largest intraday gains in three months after announcing CY3Q2018 financials that surpassed consensus estimates by ~10%. Deutsche Post management did not provide an update on the firm’s progress of price increases in parcels in its press release, however, investors will be listening closely for that talking point during the company's conference call. Deutsche Post AG is rated “Unattractive” in our European Large-Cap Global Top Stock Ideas.
- Imperial Brands (IMB LN) said it intends to build an inventory of cigarettes ahead of Brexit. Imperial Brands will stockpile USD$40mm worth of cigarettes, about 2.6mm packs. Imperial Brands reported weak adjusted operating profit of 3.77 pounds for the full year, a 0.1% growth, while consensus was for a drop. Imperial Brands is rated “Neutral” in our United Kingdom All-Cap Global Top Stock Ideas.
- Intesa Sanpaolo SpA (BIT: ISP) shares are trading slightly higher today after reporting better-than-expected CY3Q2018 earnings and reiterating intentions to keep profit growth on course. Intesa Sanpaolo has been in the spotlight lately as investors have feared that a falling value in Italian government bonds would erode Intesa Sanpaolo’s capital buffers. Intesa Sanpaolo is rated “Top Short” in our European Large-Cap Global Top Stock Ideas.
- Siemens Gamesa (SGRE SM) shares are posting large gains after the company offered encouraging CY2019 guidance, despite missing on CY3Q2018 earnings. Siemens Gamesa CY3Q2018 sales of 9.12bn euros falls short of consensus analyst estimates of 9.27bn euros. Siemens Gamesa sees CY2019 EBITA of 814mm euros, 7% above its previous guidance. Siemens Gamesa is rated “Top Short” in our European SMID-Cap Global Top Stock Ideas.
- Toyota (7203 JP) raised its full-year forecast, bucking the trend among carmakers. Toyota boosted its full-year operating profit to 2.4 trillion yen, up from 2.3 trillion yen. Toyota also plans a share buyback of up to 250 billion yen or 1.44% of outstanding stock. Toyota said it has kept costs in check allowing it to increase guidance. Toyota is rated “Top Buy” in our Japan Large-Cap Global Top Stock Ideas.
- William Hill Plc (LSE: WMH) shares are falling the most in three months after the company reported a CY3Q2018 y/y revenue decline of 4%. William Hill sees its full-year operating profit between GBP225mm and GBP245mm, which is 3% below consensus analyst estimates. William Hill is rated “Attractive” in our United Kingdom All-Cap Global Top Stock Ideas.
- Zalando (ZAL GR) reported its first operating loss in a quarter in three years. Zalando reported a 3Q loss of 39mm euros, a loss that came better than the 45mm euros loss that was expected. Zalando saw customers wait to buy fall/winter clothing with the persistent warm weather and were forced to offer more sales to keep them buying. Zalando is rated “Unattractive” in our European Large-Cap Global Top Stock Ideas.
What is Going on with European Currencies?
- EUR€ is currently little changed against the USD$ at 1.1416
- GBP£ is currently up +0.299% against the USD$ to 1.308
- CHF is currently little changed against the USD$ at 0.9962
Highlights from the European Bond Market
- Generic Euro 10-Year Bonds are lower with yields up 0.8 basis points to 0.434%
- German 10-Year Bunds are lower with yields up 0.8 basis points to 0.434%
- French 10-Year Government Bonds are lower with yields up 1 basis points to 0.801%
- UK 10-Year GILTs are lower with yields up 3.8 basis points to 1.539%
- Italian 10-Year Government Bonds are lower with yields up 7.2 basis points to 3.397%
- Spanish 10-Year Government Bonds are lower with yields up 1.8 basis points to 1.584%
Euro Stoxx 50 Movers
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