European Stocks at Midday

May 31, 2018

European Markets

  • Sentiment across European markets is mixed as settling political tensions in Italy is being countered by stronger than expected inflation data, which is raising concerns about an ECB rate hike
  • European stocks are mostly advancing today with the Euro Stoxx 600 up 0.22%, the FTSE 100 higher by 0.44%, the CAC40 gaining 0.26%, while the DAX is down 0.38%
  • All sectors in the Euro Stoxx 600 are in the black, with the exception of utilities (-0.91%)
  • Materials (+0.63%), consumer staples (+0.58%), and industrials stocks (+0.50%) are the best performers in the Euro Stoxx 600
  • Market breadth in the Euro Stoxx is decidedly positive with 435 stocks advancing compared to 143 declines
  • Volume across European markets is 2.85% below average 10-day levels
  • The European Commission has proposed two new financial instruments, including a reform support program (which will help countries deliver reforms) and an investment stabilization function (which will help facilitate economic recovery). The new instruments will receive EUR€ 55 billion in funding.
  • Eurozone preliminary CPI for May increased by 1.9% on a Y/Y basis, which was higher than expected (+1.6% growth forecasted). Eurozone unemployment for April was modestly higher than anticipated (8.5% vs 8.4% consensus)
  • France’s May preliminary CPI increase of 2.0% Y/Y was above growth expectations (+1.8% Y/Y consensus)
  • Italian CPI in May reportedly grew 1.1% Y/Y, slightly above estimates of a 0.9% increase
  • Swiss 1Q2018 GDP increased by 2.2% Y/Y, softer than projected (+2.3% Y/Y growth forecasted)

What is Going on with European Currencies?

  • GBP£ has appreciated 0.44% against the USD$, to GBP£1.334/USD$
  • EUR€ is 0.28% stronger compared to the USD$, to EUR€1.169/USD$

Highlights from the European Bond Market

  • Italian treasuries are continuing yesterday’s rally, with yields on Italy’s 10-year bond down 7.8 basis points to 2.76%
  • Greek treasuries are higher today, with yields on the Greek 10-year bond down 6.0 basis points to 4.43%
  • Yields on Portugal’s 10-year bond are down 4.6 basis points to 1.95%

*Data in Price Return

Euro Stoxx 50 Movers

In local currency.

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Outperformers Ticker Price Chg % Chg Volume
CRH PLC ISE:CRG 31.82 1.34 4.40% 1.94M
Anheuser-Busch InBev SA/NV ENXTBR:ABI 81.63 1.09 1.35% 525.63k
Airbus SE ENXTPA:AIR 97.80 1.07 1.11% 336.06k
Vivendi SA ENXTPA:VIV 21.66 0.23 1.07% 1.33M
AXA SA ENXTPA:CS 21.57 0.22 1.01% 2.91M

 

Underperformers Ticker Price Chg % Chg Volume
Volkswagen AG XTRA:VOW3 160.94 -3.20 -1.95% 582.81k
Nokia OYJ HLSE:NOKIA 4.99 -0.10 -1.91% 10.19M
Fresenius SE & Co KGaA DB:FRE 66.58 -0.98 -1.45% 304.92k
adidas AG DB:ADS 194.70 -2.15 -1.09% 226.12k
Enel SpA BIT:ENEL 4.70 -0.05 -1.07% 22.93M