Most indices closed better with the Stoxx 600 working to get back to 2015 highs with only a few points to go. Volume there was off 16%. That index is up over 20% on the year with most sector components seeing respectable gains. Telco led, up 1.24% with Financials and Chemicals following. Food names slipped on the session.
On the eco front jobs data in the UK was mixed with with weekly earnings holding in fairly well. Jobless claims ticked up but the unemployment rate edged a hair lower. ZEW readings from Germany remained weak on the current situation side but saw subdued weakness for expectations.
Driving the Telco space higher Iliad rallied 20% with the firm coupling their 3Q earnings report with word they are planning a €1.48B share buyback. Founder Niel will not tender any of his shares with their CEO noting Niel’s holdings in the firm could jump to 72% from 52%.
While Infineon +6.2% reported stronger $q revs and earnings the company warned the the semi space will not return to growth until 2H’20. Dialog Semi +6.8% upped their LT rev and gross margin views.
To the downside Electrocomponents fell 11% with RBC noting results were a ‘touch light’ warning growth has eased. Their CEO is taking some time off to deal with a health condition.
Continental fell 3.3% as it reaffirmed FY sale and ebit margin views. The earlier-announced 3Q non-cash impairment of €2.5B on 3Q #’s. Their CFO said he does “not expect a material improvement” in global car production in the next five years.
Tonight, Producer prices are expected to show an uptick in Japan followed by confidence readings Down Under. EU Industrial Production is out tonight along with consumer inflation in the UK and Germany.