European Markets

• European are mostly lower with the Euro Stoxx 600 -0.04%, the DAX -0.19%, the CAC40 -0.24%, and the FTSE 100 unchanged. The Euro Stoxx 600 is trading nearly 9% above its 10-day average
• Materials (+0.31%), energy (+0.30%), and financials (+0.12%) are the best performing sectors in the Euro Stoxx 600, with utilities (-0.39%), information technology (-0.18%), and consumer staples (-0.165) being the largest laggards. Market breadth in the Euro Stoxx 600 is modestly positive with 255 stocks advancing, compared to 221 declines

What is Going on with European Currencies?

• The EUR€ has appreciated 0.20% against the USD$
• The GBP£ is currently up 0.32% compared to the USD$

Highlights from European Bond Markets

• Italian 10-year bond rallying, with yields on the Italian 10-year sliding 5bps
• Portugal’s 10-year yield is down nearly 0.04%

European Recap

• Benjamin Broadbent, Deputy Governor of the BoE, remarked that the decision to leave interest rates unchanged was clear to him, and that waiting to properly assess the UK economy was the right decision
• According to a Handelsblatt report, the EU is considering the imposition of quotas on US steel exports if the EU can determine that the quotas will not significantly impact European businesses. The potential trade action would serve as retaliation towards US steel and aluminum tariffs, from which the EU has not yet been given exemption
• Leaders of Italy’s League (Matteo Salvini) and 5-Star Movement (Luigi Di Maio) remarked today that significant progress was made towards the formation of a new government following a meeting at the Lower House
• Denmark’s CPI for April grew more rapidly than expected on a y/y basis (+0.8% vs +0.5% estimated) and increased faster than it did in the previous month (+0.5% CPI growth in March)
• The CPI increase for Spain in April was in-line with projections (+1.1% vs +1.1% consensus)

Euro Stoxx 50 Movers

In local currency.

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