Europe hit highs approximately 30 minutes before the US open steadily giving back earlier gains to closed up small on the day. Retail fell a percent while Healthcare fell 50bps. The majority of sectors were +/- small around the flatline with Basic Resources up 1.19% as gold and copper trade higher. Volumes on the day were 13% lower.
Paper producers rallied with Stora Enso +3.6% seeing a bit better 2Q sales ahead. The 1Q saw higher paper pricing and good volumes. UPM-Kymmene +2.2%.
VW +.4% did confirm Diess is replacing Mueller with earlier word Mueller will retain a place on the board until 2020. The structure of the firm is being shaken up as well with three brand groups to be in focus: volume products, premium products, and super premium such as Lamborghini and Bentley.
With added costs associated with further inspections of the Trent 1000 engine numbers for this year and next will be affected for Rolls Royce -1.6%. On the safety concerns Boeing 787’s will need more frequent inspections along with altered flight patterns to include losing the ability to make oceanic flights.
From earlier: L’Oreal +.2%, Hammerson -9%, Klepierre +3.6%, Sage Group -8.2%, Intu Properties +4.2%, Micro Focus +3.2%.