European Stocks at Midday
May 31, 2018
- 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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|Anheuser-Busch InBev SA/NV
|Fresenius SE & Co KGaA