05.24.2019 16 new International Summary posts under Morning Note (10) and International Summary (6)

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International Summary

"CAPIS EU Close – 11/14/2018"

posted by Clayton Duff on 11/14/2018 at 12:45 pm

by Clayton Duff

11/14/2018 at 12:45 pm

Action was fairly volatile today with the early selloff giving way to a move higher that took European indices to gains and the high of the day at the US open.  From there as the US sold off so did Europe finishing the day with mostly mild losses. As noted earlier Sweden continued to lag with Switzerland and Italy also skewing the average.

On a sector basis the Autos ended up 80bps with a reprieve for now on tariffs while Utility and Travel names saw some gains.  Basic Resources ended down 1.65%, joining Chemicals, Industrials, and Health Care with losses of over a percent.

Back to Brexit, headlines hit the Cabinet meeting with PM May has been extended and could run until 7:00 locally.  Push back is expected with one news outlet noting 10 ministers may express they do not support the deal as written and demand change.  While higher on the day the Pound has pulled back as the meeting wears on.   ***As this goes to print TTN reports a BBC reporter has quoted a senior Tory saying Brexiteer anger is so high that is seems likely a no confidence vote will be called tomorrow***  On that the Pound off from 1.30 to sub 1.29.  

As one of the lone standouts in the space Merck rallied 4.8% post upping their FY18 sales view.  The name was off early on concerns of currency weakness in Argentina and Brazil coupled with a broker downgrade.  However the stock shook off the losses early on, finishing at the highs of the day.

Expressing concerns over iron ore prices Liberum cut Rio Tinto -3.5% to sell today. Further they see lower Chinese demand for aluminum while that country increases exports.

From earlier: E.ON +3.4%, Innogy +.4%, Iliad +9.6%, Vodafone +1.3%, Smiths Group +5.3%, AP Moeller Maersk -.3%.

Tonight New Home Prices will be released in China along some home data in Japan.  Employment data is due Down Under followed by the EU Trade Balance and EU27 New car regs.  UK retail sales follow.


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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