02.15.2019 19 new International Summary posts under Morning Note (10), International Summary (8), General (1)

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International Summary

"CAPIS EU Close – 7/10/2018"

posted by Clayton Duff on 07/10/2018 at 1:00 pm

by Clayton Duff

07/10/2018 at 1:00 pm

Tepid gains seen in Europe today with indices giving up some gains vs highs seen at lunch. Spain slipped on the session with France the outperformer.  Roughly 3/4 of sectors finished higher with Energy, Tech, and Industrials better by over a percent day.  Banks and Telcos slipped on the session.  Volume was considerably slower today, down 17% vs the recent month’s turnover.  Headlines concerning Brexit were fairly light but two Conservative party vice chairs resigned after the close in protest of the plan out of Chequers.

The DOE lowered world oil demand this year by 80k barrels per day, cutting next year’s demand by 10k bpd.

Nokia leapt 2% post the €1B deal with China Mobile to supply wireless/fixed network equipment along with IP routing and associated products.

Equinor rallied 2.4% despite a strike by oil drilling workers.  The firm added that production did not suffer.

Post being added to BofAML’s Europe 1 best ideas list Airbus ascended 4% today.  The bank sees the company outperforming in the 2H as it gets A320 issues behind it.  They expect FCF of €4.4B next year rise a 50% increase to €6.4B in 2020.  Even with a possible stock buyback a cash balance of €15B is seen by the end of FY20.

From earlier: Shire +.2%, Sky +2.3%, and Ocado +9%.

Tonight, producer prices are expected in Japan along with Machine Orders and the Tertiary Industry reading.  South Korea will release their Unemployment rate.   Releases in Europe are light tomorrow.

About the Author

ClaytonDuffFVP,Senior International Trader

Clayton Duff joined the firm in 2008. He has worked in the industry since 1994 and held various trading and sales positions before CAPIS, including four years as a trader for First Southwest. He earned his bachelor’s degree from the University of Texas Arlington. Clayton maintains Series 3,...

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