European Stocks at Midday
Jun 08, 2018
- Risk-off sentiment in European equity markets is being driven by concerns about an expectedly turbulent G-7 meeting today, at which trade disputes will likely be in focus. Disappointing economic data out of France and Germany further dampened investor outlook in the region
- European stocks are declining across the board with the Euro Stoxx 600 down 0.16%, the FTSE 100 sliding 0.17%, the DAX falling 0.64%, and the CAC40 lower by 0.12%
- Real estate (+0.42%) is the only sector in positive territory in the Euro Stoxx 600
- Utilities (-0.90%), financials (-0.71%), and health care stocks (-0.50%) are the largest laggards today
- Market breadth for the Euro Stoxx 600 is notably negative with 344 stocks declining, compared to 228 advances
- Volume across European markets is 5.97% below its 10-day average
- Germany’s trade surplus in April was €19.4 billion, which was below the consensus (€20.3 billion) and was lower than March’s surplus (€21.6 billion).
- Industrial production in Germany for April fell 1.0% M/M, in contrast to expectations for a 0.2% M/M increase
- French industrial production fell 0.5% M/M in April, though production was expected to rise by 0.4%
What is Going on with European Currencies?
- USD$ stronger against major European currencies, as weak Eurozone data forces currencies in the region lower
- SEK is depreciating by 0.63%, to SEK0.1142/USD$
- EUR€ is 0.46% weaker, to EUR€1.1748/USD$, and is on pace to end a 3-day streak of advances
- GBP£1.3395 is down 0.25%, to GBP£1.3395/USD$
Highlights from the European Bond Market
- German Bunds rallying following yesterday’s sell-off, with yields on the German 10-year down 4.5 basis points to 0.432%, 0.05% higher from this week’s open
- Italian treasuries continue to sell-off over political uncertainty, and the yield on Italy’s 10-year is up 4.2 basis points to 3.071%. Yields on the Italian 10-year rose 11.7 basis points yesterday
- Yields on Greece’s 10-year bond are up 12.8 basis points to 4.645%
- UK sovereign treasuries are higher today as yields on the UK 10-year have slid 2.2 basis points to 1.375%
*Data in Price Return
Euro Stoxx 50 Movers
In local currency.
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