EU indices up this morning | TA focus on Cranswick
Philippe Delabarre June 23, 2020 8:20 AM
European stocks report | Vodafone | Cranswick | Wirecard |BBVA...
Yesterday, European stocks closed in negative territory, with the Stoxx Europe 600 Index falling 0.8%. Both Germany's DAX 30 and France's CAC 40 lost 0.6%, and the U.K.'s FTSE 100 was down 0.8%.
69% of STOXX 600 constituents traded lower or unchanged yesterday.
51% of the shares trade above their 20D MA vs 65% Friday (below the 20D moving average).
44% of the shares trade above their 200D MA vs 42% Friday (above the 20D moving average).
The Euro Stoxx 50 Volatility index added 1.57pt to 33.78, a new 52w high.
SECTORS vs STOXX 600
3mths relative high: Technology
3mths relative low: Telecom.
Europe Best 3 sectors
automobiles & parts, retail, basic resources
Europe worst 3 sectors
food & beverage, telecommunications, energy
The 10yr Bund yield fell 1bp to -0.42% (below its 20D MA). The 2yr-10yr yield spread rose 1bp to -25bps (above its 20D MA).
FR 08:15: Jun Markit Composite PMI Flash, exp.: 32.1
FR 08:15: Jun Markit Services PMI Flash, exp.: 31.1
FR 08:15: Jun Markit Manufacturing PMI Flash, exp.: 40.6
GE 08:30: Jun Markit Composite PMI Flash, exp.: 32.3
GE 08:30: Jun Markit Services PMI Flash, exp.: 32.6
GE 08:30: Jun Markit Manufacturing PMI Flash, exp.: 36.6
EC 09:00: Jun Markit Composite PMI Flash, exp.: 31.9
EC 09:00: Jun Markit Manufacturing PMI Flash, exp.: 39.4
EC 09:00: Jun Markit Services PMI Flash, exp.: 30.5
UK 09:30: Jun Markit/CIPS Manufacturing PMI Flash, exp.: 40.7
UK 09:30: Jun Markit/CIPS UK Services PMI Flash, exp.: 29
UK 09:30: Jun Markit/CIPS Composite PMI Flash, exp.: 30
GE 10:40: 2-Year Schatz auction, exp.: -0.66%
UK 10:45: 10-Year Treasury Gilt auction, exp.: 0.22%
In Asian trading hours, EUR/USD held gains at 1.1272 while GBP/USD eased to 1.2476. USD/JPY climbed to 107.19.
Spot gold marked a day-high near $1,760 before easing to $1,753 an ounce.
#UK - IRELAND#
Vodafone, a multinational telecommunications group, is planning an IPO for its 2 billion euros European towers business, reported Bloomberg citing people familiar with the matter.
Cranswick, a food producer, announced full-year results: "Reported revenue increased by 16.0 per cent to £1,667.2 million. (...) Reported adjusted Group operating profit increased by 13.9 per cent to £105.1 million. (...) Adjusted earnings per share increased by 8.4 per cent to 156.4 pence (2019: 144.3 pence). (...) Together with the interim dividend of 16.7 pence per share this is a total dividend for the year of 60.4 pence per share and compares to 55.9 pence per share previously." From a chartist point of view, the share has been supported by a rising trend line in place since 2012. Above 2750, look for 4000 and 5000 in extension.
Source: GAIN Capital, TradingView
CRH, a diversified building materials company, was downgraded to "hold" from "buy" at Societe Generale.
Wirecard's, a payment processor and financial services provider, credit facility may be terminated by Bank of China, as the Chinese bank may write off most of the company's 80 million euros loan, reported Bloomberg citing people familiar with the matter.
Bouygues, an industrial group, was upgraded to "overweight" from "neutral" at JPMorgan.
Saint-Gobain, a construction materials supplier, was downgraded to "hold" from "buy" at Societe Generale.
BBVA's, a major Spanish bank, credit rating was downgraded to "BBB+" from "A-" at Fitch, outlook "Stable". The rating agency stated: "The downgrade reflects the significant influence that exposure to less stable and weakening emerging economies has on the group's overall risk profile and its profit generation capabilities."
ArcelorMittal, a steel producer, was upgraded to "hold" from "sell" at Societe Generale.
Kering: E4.5, Vinci: E1.25
Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.