14 09 EU PRE OPEN

INDICES
Friday, European stocks were mixed to positive. The Stoxx Europe 600 Index edged up 0.13%, France's CAC 40 rose 0.20% and the U.K.'s FTSE 100 was up 0.48%, while Germany's DAX 30 was little changed.

EUROPE ADVANCE/DECLINE
46% of STOXX 600 constituents traded higher Friday.
53% of the shares trade above their 20D MA vs 54% Thursday (below the 20D moving average).
55% of the shares trade above their 200D MA vs 56% Thursday (above the 20D moving average).

The Euro Stoxx 50 Volatility index eased 1.28pt to 23.72, a new 52w high.

SECTORS vs STOXX 600
3mths relative high: Pers. & House. Goods, Chemicals
3mths relative low: Banks, Energy

Europe Best 3 sectors
basic resources, personal & household goods, health care

Europe worst 3 sectors
banks, travel & leisure, energy


INTEREST RATE
The 10yr Bund yield rose 3bps to -0.43% (above its 20D MA). The 2yr-10yr yield spread rose 2bps to -21bps (above its 20D MA).


ECONOMIC DATA
EC 10:00: Jul Industrial Production YoY, exp.: -12.3%
EC 10:00: Jul Industrial Production MoM, exp.: 9.1%
FR 14:00: 12-Mth BTF auction, exp.: -0.58%
FR 14:00: 3-Mth BTF auction, exp.: -0.57%
FR 14:00: 6-Mth BTF auction, exp.: -0.58%


MORNING TRADING

In Asian trading hours, EUR/USD was little changed at 1.1848 while GBP/USD rebounded to 1.2820. USD/JPY was broadly flat at 106.12.

Spot gold bounced to $1,949 an ounce. 


#UK - IRELAND#
AstraZeneca, a pharmaceutical group, and the University of Oxford said clinical trials for their coronavirus vaccine AZD1222 have resumed in the U.K., following confirmation by the Medicines Health Regulatory Authority that it was safe to do so.

CLS Holdings, a commercial property investment company, announced the acquisition of three properties in Greater London and the South East for 60 million pounds excluding costs from Aviva Investors.
From a chartist point of view, an ascending triangle has been drawn since mid-May. A neutral opinion will be maintained as long as the stock remains within the triangle. A daily close above 220p would call for a new up leg with targets set at 246p and 270p in extension.


Source: GAIN Capital, TradingView

#GERMANY#
Deutsche Boerse, a stock exchange operator, confirm that it has submitted a bid to acquire the Italian stock market operator Borsa Italiana Group. Financial terms were not disclosed.

Metro's, a wholesale chain, shareholder EP Global Commerce said it aims to increase its investment in the company above 30% by voluntary public takeover offer, "to give itself more flexibility in the future and without having to make a mandatory takeover offer". The company added that it does not expect to hold more than 50% of the voting rights following settlement of the takeover offer, and offer prices are expected to be 8.48 euros per ordinary share and about 8.87 euros per preference share.


#SPAIN#
CaixaBank and Bankia's merger talks have been stalled due to a disagreement on the valuations of the two Spanish banks, according to newspaper La Vanguardia.

Inditex, a clothing company, was downgraded to "underweight" from "equalweight" at Morgan Stanley.


#BENELUX#
Vopak, a tank storage company, said its 50/50 joint venture with BlackRock has acquire three major industrial terminals on the U.S. Gulf Coast from Dow for 620 million dollars.

Altice Europe, a telecommunications group, was downgraded to "hold" from "buy" at HSBC.


#SWITZERLAND#
Novartis, a pharmaceutical group, a phase 3 study of Beovu versus aflibercept in patients with diabetic macular edema met its primary and key secondary endpoints.


#SWEDEN#
Hennes & Mauritz, a clothing-retail company, was downgraded to "underweight" from "equalweight" at Morgan Stanley.