Yesterday, European stocks were broadly lower. The Stoxx Europe 600 fell 0.75%, Germany's DAX lost 0.88%, France's CAC 40 dropped 0.67%, and the U.K.'s FTSE 100 was down 0.80%.
72% of STOXX 600 constituents traded lower or unchanged yesterday.
82% of the shares trade above their 20D MA vs 84% Wednesday (above the 20D moving average).
83% of the shares trade above their 200D MA vs 85% Wednesday (above the 20D moving average).
The Euro Stoxx 50 Volatility index added 1.07pt to 21.97, a new 52w high.
SECTORS vs STOXX 600
3mths relative high: Autos
3mths relative low: none
Europe Best 3 sectors
retail, energy, basic resources
Europe worst 3 sectors
banks, automobiles & parts, insurance
The 10yr Bund yield rose 1bp to -0.55% (above its 20D MA). The 2yr-10yr yield spread rose 1bp to -16bps (above its 20D MA).
UK 01:01: Nov GfK Consumer Confidence, exp.: -31
GE 08:00: Oct PPI YoY, exp.: -1%
GE 08:00: Oct PPI MoM, exp.: 0.4%
UK 08:00: Oct Public Sector Net Borrowing, exp.: £-36.1B
UK 08:00: Oct Retail Sales ex Fuel MoM, exp.: 1.6%
UK 08:00: Oct Retail Sales ex Fuel YoY, exp.: 6.4%
UK 08:00: Oct Retail Sales YoY, exp.: 4.7%
UK 08:00: Oct Retail Sales MoM, exp.: 1.5%
GE 14:00: Bundesbank Weidmann speech
EC 16:00: Nov Consumer Confidence Flash, exp.: -15.5
In Asian trading hours, EUR/USD was little changed at 1.1875 and GBP/USD was broadly flat at 1.3265. USD/JPY edged up to 103.82. AUD/USD remained subdued at 0.7289. This morning, official data showed that Australia's preliminary retail sales grew 1.6% on month in October (-1.1% in September).
Spot gold slipped to $1,864 an ounce.
#UK - IRELAND#
AstraZeneca, a pharmaceutical group, said its "Imfinzi (durvalumab) has been approved in the US for an additional dosing option, a 1,500mg fixed dose every four weeks, in the approved indications of unresectable Stage III non-small cell lung cancer (NSCLC) after chemoradiation therapy (CRT) and previously treated advanced bladder cancer".
From a technical point of view, the stock has escaped from a falling wedge in place since June 2020. Despite the recent pullback, as long as 7770p is support look for 8800p and the previous all-time high at 10120p. Alternatively, a break below 7770p should be limited by a rising long term trend line.
Source: TradingView, GAIN Capital
Talanx, a financial services company, was downgraded to "hold" from "buy" at HSBC.
BNP Paribas, a banking group, may sell its Italian payments unit Axepta for 200 million euros, reported Bloomberg citing people familiar with the matter.
Altice Europe, a telecommunications corporation, announced that 3Q adjusted EBITDA grew 5.1% on year to 1.48 billion euros on revenue of 3.77 billion euros, up 3.2% (+4.1% at constant currency).
ABB, an automation technology company, was downgraded to "sell" from "hold" at Deutsche Bank.
Swatch Group, a manufacturer of watches and jewellery, was downgraded to "hold" from "buy" at HSBC.
Disclaimer: GAIN Capital UK Limited (trading as "Forex.com") is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, Forex.com does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by Forex.com or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although Forex.com is not specifically prevented from dealing before providing this material, Forex.com does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
For further details see our full non-independent research disclaimer and quarterly summary.