08 10 EU PRE OPEN

INDICES
Yesterday, European stocks ended mixed. The Stoxx Europe 600 Index declined 0.12%, France's CAC 40 fell 0.27% and the U.K.'s FTSE 100 edged down 0.06%, while Germany's DAX 30 climbed 0.17%.

EUROPE ADVANCE/DECLINE
54% of STOXX 600 constituents traded lower or unchanged yesterday.
63% of the shares trade above their 20D MA vs 67% Tuesday (above the 20D moving average).
58% of the shares trade above their 200D MA vs 60% Tuesday (above the 20D moving average).

The Euro Stoxx 50 Volatility index eased 0.24pt to 24.97, a new 52w high.

SECTORS vs STOXX 600
3mths relative high: Media
3mths relative low: Energy

Europe Best 3 sectors
basic resources, automobiles & parts, chemicals

Europe worst 3 sectors
telecommunications, insurance, media


INTEREST RATE
The 10yr Bund yield was unchanged to -0.51% (below its 20D MA). The 2yr-10yr yield spread fell 1bp to -20bps (below its 20D MA).


ECONOMIC DATA
GE 07:00: Aug Current Account, exp.: E20.0B
GE 07:00: Aug Balance of Trade s.a, exp.: E18B
GE 07:00: Aug Exports MoM s.a, exp.: 4.7%
GE 07:00: Aug Imports MoM s.a, exp.: 1.1%
GE 07:00: Aug Balance of Trade, exp.: E19.2B
EC 08:25: ECB Schnabel speech
EC 09:00: ECB Guindos speech
UK 09:30: BoE FPC Statement
EC 11:15: ECB Mersch speech
EC 12:30: ECB Monetary Policy Meeting Accounts


MORNING TRADING
In Asian trading hours, EUR/USD held gains at 1.1766 and GBP/USD edged up to 1.2925. USD/JPY was hovering around the 106.00 level.

Spot gold was broadly flat at $1,887 an ounce.


#UK - IRELAND#
GVC Holdings, sports betting company, reported that 3Q group net gaming revenue (NGR) rose 12% on year (+14% at constant currency), with online NGR growing 26% (+28% at constant currency). The company said it now expects full-year adjusted EBITDA to be in the range of 770 million to 790 million pounds, "approximately 50 million pounds ahead of previous expectations".

Hargreaves Lansdown, a financial service group, issued a trading update for the three month period to September 30: "Net new business was £0.8 billion during the period (2019: £1.7bn, £0.8bn excluding back book transfers). (...) A positive market movement of £2.1 billion, combined with net new business has driven AUA to £106.9 billion as at 30 September 2020. (...) Revenue for the period was £143.7 million, up 12% on last year despite, on average, the FTSE All Share being down versus the comparative period by 18%."


#FRANCE#
Saint-Gobain, a building materials company, was downgraded to "neutral" from "buy" at Citigroup.
From a daily point of view, the stock is supported by a rising internal trend line drawn since April. In addition, the three-month exponential moving average plays a support role, while the Relative Strenght Index is bouncing back above the key support at 49%. Above 34.1E, look for the previous top of December 2019 at 39.6E.


Source: TradingView, GAIN Capital

#SPAIN#
ACS, a civil and engineering construction company, was upgraded to "equalweight" from "underweight" at Morgan Stanley.


#SWITZERLAND#
Givaudan, a manufacturer of flavours and fragrances, reported that 3Q revenue was flat on year (+3.1% like-for-like) at 1.57 billion Swiss franc, and 9-month revenue was up 2.7% (+3.7% like-for-like) to 4.79 billion Swiss franc.


#DENMARK#
Chr Hansen, a bioscience company, announced that 4Q profit from continuing operations fell 1.7% on year to 68 million euros while adjusted EBIT grew 3.6% to 98 million euros on revenue of 254 million euros, up 2.1%.


EX-DIVIDEND
Glencore (GLEN): $0.1, Telenor: NOK4.3, WPP Group:10p