European Stocks at Midday
May 17, 2018
European Market Recap
- European equities are advancing across the board with the Euro Stoxx 600 +0.23%, the FTSE 100 +0.27%, the DAX +0.34%, and the CAC 40 +0.44%
- Consumer discretionary stocks (+1.00%) and utilities stocks (+1.04%) are best performers in Euro Stoxx 600
- Financials (-0.26%) continue to build on yesterday’s declines and along with telecommunications (-0.01%) are the only sectors in the red
- According to a Bloomberg report, Italy’s Five Star Movement and La Lega populist parties came to an agreement today on the formation of a coalition government. Both parties have also reportedly halted requests for nearly $300 billion worth of write-offs on debt owed to the ECB.
- German Economic Minister Peter Altmaier is calling for the EU to present the US with a trade offer for reduced tariffs on a broad range of goods, rather than attempting to seek full exemptions for the EU. Altmaier did not suggest a time table for when an offer should be given.
- Italy’s trade balance for March was reported at €4.53 billion, well above the consensus of a €3.7 billion balance
- Netherlands’ unemployment in April came in at 3.9%, in-line with prior levels (3.9% unemployment in March)
What is Going on with European Currencies?
- The GBP£ has appreciated by 0.17% against the USD$
- EUR€/USD$ pair is little changed (-0.04%) after yesterday’s slide in the Euro
Highlights from European Bond Markets
- Yield on Italy’s 10-year bond is 2 basis points higher today, after Italian 10-year yields rose 0.16% yesterday
- UK’s 10-year bond yields are up by more than 3 basis points
*Data in Price Return
Euro Stoxx 50 Movers
In local currency.
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|Industria de Diseno Textil SA
|Bayerische Motoren Werke AG
|Fresenius SE & Co KGaA
|Intesa Sanpaolo SpA
|Koninklijke Ahold Delhaize NV
|ING Groep NV
|Deutsche Post AG