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Italian budget deal lifts European stocks ahead of Fed decision

Dec 19, 2018

 

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

European Markets

  • European stocks are bouncing back this morning following 4 straight trading sessions of declines, rising on Italian budget deal news
  • The EU has decided against implementing sanctions against Italy following negotiations between EU officials and members of the Italian coalition government regarding Italy’s target budget deficit for CY2019  -- Italian banks are rallying on the news
  • According to US Treasury Secretary Steven Mnuchin, US and Chinese trade officials continue to make progress in their talks about the trade impasse 
  • The Euro Stoxx 600 is currently up +0.51%, the FTSE 100 is higher by +0.96%, the DAX has advanced +0.73%, and the CAC 40 has risen +0.7%
  • The US Federal Reserve is set to release it interest rate decision today at 2pm EST 
  • Global oil prices have tumbled into oversold territory according to the 14-day RSI as worries about global growth and whether OPEC and its allies can offset a potential supply glut in CY2019 plagues crude oil valuations – global crude oil prices have collapsed nearly 40% since reaching a 4-year high in early October
  • Investor sentiment for European stocks is positive with the advance/decline ratio for the Euro Stoxx 600 currently at 2.7x
  • Utilities (+1.24%), Telecommunications (+1.16%), and Retail (+1.03%) stocks are the top performers in the Euro Stoxx 600 today
  • Industrial Goods & Services (-0.21%), Food & Beverage (+0.03%), and Technology (+0.21%) stocks are the worst performers in the Euro Stoxx 600 today
  • 10 stocks in the Euro Stoxx 600 are at 4-week highs while 191 stocks are at 4-week lows
  • 6 stocks in the Euro Stoxx 600 are overbought while 57 stocks are oversold according to the 16-day RSI Measure
  • VSTOXX, the European stocks equivalent of the VIX, is little changed this morning and is currently at 19.91 after closing at 20.04 yesterday

What is Going on with European Currencies?

  • EUR€ is currently up +0.334% against the USD$ to 1.1399
  • GBP£ is currently little changed against the USD$ at 1.2639
  • CHF is currently little changed against the USD$ at 1.0065

Highlights from the European Bond Market

  • Generic Euro 10-Year Bonds are higher with yields down -0.4 basis points to 0.24%
  • German 10-Year Bunds are higher with yields down -0.4 basis points to 0.24%
  • French 10-Year Government Bonds are higher with yields down -1.3 basis points to 0.697%
  • UK 10-Year GILTs are higher with yields down -1.9 basis points to 1.261%
  • Italian 10-Year Government Bonds are higher with yields down -15.6 basis points to 2.782%
  • Spanish 10-Year Government Bonds are higher with yields down -1.3 basis points to 1.3

 

 

 

Euro Stoxx 50 Movers

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

Outperformers Sector Price 1D % Chg Volume
Intesa Sanpaolo SpA Industrials 2.06 3.88%            84,031,151
Fresenius SE & Co KGaA Telecommunication Services 42.2 2.71%                  863,395
Koninklijke Ahold Delhaize NV Consumer Discretionary 22.6 2.33%               1,341,594
BASF SE Utilities 60.6 1.97%               1,456,211
Iberdrola SA Consumer Staples 7.1 1.92%               5,373,301
 
Underperformers Sector Price 1D % Chg Volume
Deutsche Post AG Health Care 24.2 -4.43%               3,945,986
ASML Holding NV Health Care 139 -3.17%                  687,465
Bayer AG Information Technology 63 -0.74%                  943,517
Anheuser-Busch InBev SA/NV Energy #N/A -0.52% #N/A
Siemens AG Utilities 100 -0.35%                  839,813