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European Stocks at Midday

May 08, 2018

European Markets

  • European equities mostly lower, with Euro Stoxx 600 -0.30%, the DAX -0.58%, the CAC40 -0.51%, while the FTSE 100 is relatively flat (+0.02%)
  • Excluding consumer staples (+.10%), all other sectors in the Euro Stoxx 600 are negative with energy (-1.08%), utilities (-0.87%), and financials (-0.75%) the worst performers
  • Market breadth across the region is relatively neutral, with 233 stocks in the Euro Stoxx 600 advancing, while 246 stocks are in the red

European General Outlook

  • Peter Praet, the chief economist of the ECB, remarked yesterday that there is no evidence to suggest that slowing economic expansion in Europe signifies weakening domestic demand
  • Germany’s trade balance for March was reported at $29.8 billion, well above expectations of a $26.7 billion trade balance. The $29.8 billion surplus represents a nearly $8.3 billion increase m/m, and significantly exceeds China’s $4.98 billion trade deficit in March
  • German industrial production growth in March came in slightly higher than the m/m consensus (+1.0% vs +0.8% projected) and reversed from the 1.7% decline in February
  • The Governor of the National Bank of Belgium, Jan Smets, cautioned that the ECB is likely to begin phasing out of its QE program over the coming summer, and that a decision regarding the direction of the ECB’s QE initiative may be announced at its policy meeting on July 26th
  • Italian President Sergio Matarella has requested that a neutral government remain in place until the end of CY2018, which would allow the Italian government to pass the budget for 2019
  • Netherlands’ CPI growth for April, on a y/y basis, was relatively in-line with the consensus (+0.9% vs +1.0% forecasted)
  • Norway’s manufacturing production growth in March was significantly weaker than was expected (-0.1% vs +1.0% estimated)
  • Switzerland’s unemployment rate for April is lower than estimated (2.7% vs 2.9% forecasted) and is slightly below March levels (2.8% unemployment in March)
  • A Bloomberg report stated that the BOE is likely to leave interest rates unchanged during the Monetary Policy Committee meeting on Thursday, citing slowing inflation and weaker than anticipated growth (UK GDP growth of 0.1% in 1Q2018 was the lowest quarterly growth rate since 2013)

Euro Stoxx 50 Movers

In local currency.

Outperformers Ticker Price Chg % Chg Volume
Unilever NV ENXTAM:UNA 47.24 0.91 1.97% 2.52M
Koninklijke Ahold Delhaize NV ENXTAM:AD 19.27 0.17 0.91% 1.89M
Fresenius SE & Co KGaA DB:FRE 66.60 0.56 0.85% 475.02k
L'Oreal SA ENXTPA:OR 199.15 1.00 0.50% 238.94k
Anheuser-Busch InBev SA/NV ENXTBR:ABI  82.39 0.31 0.38% 551.24k

 

Underperformers Ticker Price Chg % Chg Volume
Deutsche Post AG XTRA:DPW  35.11 -2.04 -5.49% 5.87M
Enel SpA BIT:ENEL 5.26 -0.13 -2.38% 19.46M
Eni SpA BIT:ENI 16.34 -0.33 -1.97% 8.93M
Deutsche Bank AG DB:DBK 11.35 -0.17 -1.49% 5.84M
Intesa Sanpaolo SpA BIT:ISP 3.12 -0.04 -1.38% 81.65M