After a lackluster day with little in the way of moves from flattish levels indices ticked up post the US open as it continued with its winning ways. However over the last thirty minutes indices gave back some of those gains to close up small on the day. Sweden was a hair weaker on the day. On the sector front Food and Personal Goods slipped with the balance of sectors higher. Autos and Retails finished better, both up over a percent.
On the Brexit front a press report is noting Spain and Netherlands who both have trade and investment relationships with the UK are said to pushing for a ‘soft’ Brexit. Their respective fin mins noted they were concerned about losing the UK’s EU budget contribution and incurring tariffs.
Puma -5.8% ran lower today on word majority shareholder Kering +.1% will hand-off a majority of its holdings of Puma to Kering’s shareholders while retaining roughly 16% of Puma’s shares.
Chr. Hansen’s -7.4% stock could use some of its products today after reporting earnings light 1Q estimates. The firm continues to see strong FY revs and gross margins overall citing strength in their Food Cultures/Enzymes unit but weakness in their Health/Nutrition division.
Further exhibiting their business has its ups and downs Kone -1.8% today reported better FY sales for 2017 but sees sales for this year inline with ’17. Adjusted ebit margin though is expected to decline.
From earlier: GKN +26%, Melrose -1.8%, Fiat +.7%, Smith Group +5.4%, Vivendi -3.8%.
Housing prices from the UK are expected Sunday while the EU’s Trade Balance will hit a couple hours into the session Monday.