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International Summary

"CAPIS EU Close Recap – 1/9/2019"

posted by Clayton Duff on 01/09/2019 at 12:54 pm

by Clayton Duff

01/09/2019 at 12:54 pm

Europe remained better bid today with all but Spain up on the day with sentiment still hopeful for an announcement from the US and China.   Autos and Tech names finished with sector gains of over two percent with Basic Resources, Industrials, Construction, and Retail better by at least a percent.  Only the Banking and Food sector finished lower.

In addition to the disappointing trade data out of Germany EU unemployement slipped to below 8% in November with Italy improving slightly to 10.5%.  Post the US open Canada’s central bank left rates unchanged while lowering FY19 inflation expectations to under 2%.  Looking back to November they saw inflation fall 1.7% with gas prices cited. By the end of the year though they see inflation around 2%. As oil markets recover along with home prices there they will look to up rates to achieve their inflation target assuming global trade policies get settled.

On the auto front Fiat rallied 2.9% on word they may settle soon with the US’ DoJ concerning their diesel violations. Post the close of European trading Reuters reported VW +2.4% is expected to announce an expanded relationship with Ford at the Detroit Auto show.

Italy’s Banca Carige remains suspended with Deputy PM Salvini noting the goal of the government is to bring the firm under their control.  Earlier it was reported the country has pledged monetary support for both equity and bond issuances of the bank. Conversely, some in the government are calling for market-based solutions with the Bank currently in talks with 10 potential buyers, assuming NPL’s can be reduced.

Money manager MAN Group fell 3.3% with Kuwait suing the firm alleging a former executive at the Kuwait Public Institution for Social Security entered into an illegal contract with the firm over a nearly 20 year span.

From earlier: Daimler +3%, Taylor Wimpey +6.2%.

Tomorrow, inflation readings are due from China followed by French Production readings.

About the Author

Clayton Duff headshot
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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