European Stocks at Midday
May 25, 2018
- Investor sentiment in the region is mixed after North Korea expressed a willingness to continue its dialogue with the US, despite President Trump’s decision to cancel the US-North Korea summit, but political instability in Spain restrained investor’s risk appetite
- European stocks are advancing across the board with the Euro Stoxx 600 +0.19%, the FTSE 100 +0.14%, the DAX +0.74%, and the CAC40 +0.31%
- Consumer discretionary (+0.72%), information technology (+0.67%), and health care (+0.49) are the best performing stocks in the Euro Stoxx 600
- Energy (-0.75%) and utilities (-0.65%) were the biggest underperforming stocks in the Euro Stoxx 600
- Market breadth in the Euro Stoxx 600 is decidedly positive with 380 stocks advancing, compared to 197 declines
- Volume across Europe is 16.47% below its 10-day average
- A Financial Times report showed that western European equity funds saw the biggest cash outflows in nearly 2 years, due largely to political instability in Italy. For the week ended May 24th, 2018 equity fund withdrawals totaled $2.6 billion, while bond fund outflow was measured at $1.8 billion. YTD, western European equity funds have experienced a net outflow of $8.9 billion
- Spain’s Socialist Party (PSOE) is calling for a vote of no-confidence against Spanish Prime Minister Mariano Rajoy
- The 2nd estimate of UK’s 1Q2018 GDP growth came in at +1.2% Y/Y, in-line with preliminary results
- Austrian Industrial Production growth in March was significantly weaker than expected on a Y/Y basis (+3.9% vs 5.1% consensus).
- Norway’s unemployment rate for March was in-line with projections (3.9% vs 3.9% forecasted)
Highlights from the European Bond Market
- German Treasuries are rallying, with yields on Germany’s 10-year bund down 5 basis points to 0.417%
- Yields on UK’s 10-year bonds have fallen 5 basis points to 1.349%
- Italian Treasuries continue to sell off, and yields on the Italian 10-year are up 7.1 basis points to 2.449%
- After moving higher yesterday, Spanish Treasuries have slid today with yields on the 10-year +7.7 basis points to 1.457%
What is Going on with European Currencies?
- EUR€ is 0.44% weaker against the USD$
- GBP£ has depreciated by 0.42% compared to the USD$
*Data in Price Return
Euro Stoxx 50 Movers
In local currency.
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|Fresenius SE & Co KGaA
|Banco Santander SA
|Banco Bilbao Vizcaya Argentaria SA
|Intesa Sanpaolo SpA