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European stocks open strong on positive earnings but are drifting lower after EU says Italian budget does not work

Nov 08, 2018

 

 

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

European Markets

  • European stocks gave up most earlier gains as traders digest EU comments about the Italian budget deficit and further tightening monetary policy from the US Fed
  • The Euro Stoxx 600 is currently up +0.3%, the FTSE 100 is higher by +0.46%, the DAX has fallen -0.13%, and the CAC 40 has risen 0%
  • The EU comments that it doesn’t see the Italian budget working as EU internal forecasts suggest a high probability that the targeted budget deficit of 1.9% for CY2019 will be exceeded due to slower forecasted economic growth
  • Investor sentiment for European stocks is positive with the advance/decline ratio for the Euro Stoxx 600 currently at 1.35x
  • Insurance (+0.89%), Banks (+0.79%), and Basic Resources (+0.77%) stocks are the top performers in the Euro Stoxx 600 today
  • Automobiles & Parts (-0.72%), Media (-0.36%), and Chemicals (-0.3%) stocks are the worst performers in the Euro Stoxx 600 today
  • 110 stocks in the Euro Stoxx 600 are at 4-week highs while 15 stocks are at 4-week lows
  • 19 stocks in the Euro Stoxx 600 are overbought while 5 stocks are oversold according to the 16-day RSI Measure
  • VSTOXX, the European stocks equivalent of the VIX, is  moving down this morning and is currently at 14.23 after closing at 16.43 yesterday

What is Going on with European Currencies?

  • EUR€ is currently little changed against the USD$ at 1.142
  • GBP£ is currently down -0.168% against the USD$ to 1.3104
  • CHF is currently little changed against the USD$ at 0.9971

Highlights from the European Bond Market

  • Generic Euro 10-Year Bonds are lower with yields up 0.7 basis points to 0.454%
  • German 10-Year Bunds are lower with yields up 0.7 basis points to 0.454%
  • French 10-Year Government Bonds are lower with yields up 0.8 basis points to 0.821%
  • UK 10-Year GILTs are lower with yields up 1.4 basis points to 1.547%
  • Italian 10-Year Government Bonds are lower with yields up 4.5 basis points to 3.382%
  • Spanish 10-Year Government Bonds are higher with yields down -0.2 basis points to 1.6%
     

 

 

 

Euro Stoxx 50 Movers

In local currency.
On Mobile/Tablet scroll to the right.

Outperformers Sector Price 1D % Chg Volume
Societe Generale SA Financials 34.1 2.83%               2,721,971
Siemens AG Industrials 104 1.32%               1,066,000
adidas AG Consumer Discretionary 201 1.31%                  380,192
Koninklijke Ahold Delhaize NV Consumer Staples 22.1 1.17%               3,549,539
Iberdrola SA Utilities 6.53 0.90%               3,147,695
 
Underperformers Sector Price 1D % Chg Volume
Fresenius SE & Co KGaA Health Care 54.2 -2.87%               1,037,106
Volkswagen AG Consumer Discretionary 152 -1.64%                  468,161
Koninklijke Philips NV Health Care 33.8 -1.43%               1,631,292
LVMH Moet Hennessy Louis Vuitton SE Consumer Discretionary 272 -1.38%                  213,679
Daimler AG Consumer Discretionary 51.6 -1.36%               1,729,311