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European stocks lower mid-session with weak corporate earnings reports dampening risk appetite today

Feb 27, 2019

 

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

European Markets

  • European stocks are trading lower with a number of weak corporate earnings today dampening risk appetite
  • The Euro Stoxx 600 is currently down -0.44%, the FTSE 100 has declined -0.83%, the DAX has fallen -0.61%, and the CAC 40 is lower by -0.24%
  • Tensions continue to rise between India and Pakistan.  The Pakistani government claims to have downed 2 Indian fighters while the Indian government confirms it has lost one MIG 21 jet with a pilot missing in action (MIA).  Analysts are suggesting the current escalation between the two countries is the first it has been since the Indo-Pakistani War of 1971 (the War of Bangladeshi Independence).  The Pakistani government has formally extended an offer to the Indian government to de-escalate the current conflagration between the two neighbors. 
  • While news headlines continue to pound the idea that active managers continue to lose to passive funds, since the start of 2019, more than half of actively managed US mutual funds are outperforming their benchmarks.  Assuming the current trend holds for the entirety of CY2019, it would be the best year for the US mutual fund industry (in terms of performance) in a decade according to analysis by Goldman Sachs.
  • Today is the second day of US Federal Reserve Chairman Jerome Powell's 2-day testimony to the US Congress.  At 10am, US Fed Chairman Powell will be speaking to the House Financial Services Committee. 
  • Investor sentiment for European stocks is negative with the advance/decline ratio for the Euro Stoxx 600 currently at 0.3x
  • Banks (+0.36%), Oil & Gas (+0.11%), and Basic Resources (+0.11%) stocks are the top performers in the Euro Stoxx 600 today
  • Travel & Leisure (-1.45%), Personal & Household Goods (-1.31%), and Food & Beverage (-1.09%) stocks are the worst performers in the Euro Stoxx 600 today
  • 128 stocks in the Euro Stoxx 600 are at 4-week highs while 29 stocks are at 4-week lows
  • 86 stocks in the Euro Stoxx 600 are overbought while 3 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 13.96 after closing at 13.89 yesterday

What is Going on with European Currencies?

  • EUR€ is currently little changed against the USD$ at 1.1398
  • GBP£ is currently up +0.513% against the USD$ to 1.332
  • CHF is currently up +0.33% against the USD$ to 1.0035

Highlights from the European Bond Market

  • Generic Euro 10-Year Bonds are higher with yields down -1.2 basis points to 0.106%
  • German 10-Year Bunds are higher with yields down -1.2 basis points to 0.106%
  • French 10-Year Government Bonds are higher with yields down -1.1 basis points to 0.515%
  • UK 10-Year GILTs are higher with yields down -0.1 basis points to 1.205%
  • Italian 10-Year Government Bonds are lower with yields up 2.8 basis points to 2.732%
  • Spanish 10-Year Government Bonds are lower with yields up 0.7 basis points to 1.145

 

 

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Euro Stoxx 50 Movers

In local currency.
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Outperformers Sector Price 1D % Chg Volume
Bayer AG Information Technology 69.4 4.20%               2,461,603
Societe Generale SA Energy 26.2 1.61%               1,386,049
Intesa Sanpaolo SpA Industrials 2.1 1.30%            56,465,939
BNP Paribas SA Financials 43.7 1.18%               1,228,239
Iberdrola SA Consumer Staples 7.39 0.76%               4,864,692
 
Underperformers Sector Price 1D % Chg Volume
Unilever NV Information Technology 47.2 -2.92%               2,454,422
Engie SA Industrials 13.9 -1.56%               1,341,133
Banco Santander SA Health Care 4.12 -1.48%            14,389,427
Danone SA Financials 66.7 -1.40%                  301,515
L'Oreal SA Health Care 221 -1.38%                  134,194
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