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04.23.2019 15 new posts under Morning Note (8), General (3), International Summary (3), and 1 more category

International Summary

News Trading Desk

International Summary

"CAPIS EU Close Recap – 1/17/2019"

posted by Clayton Duff on 01/17/2019 at 12:57 pm

by Clayton Duff

01/17/2019 at 12:57 pm

Little change to indices today with most markets seeing slight losses.  Sweden and Switzerland managed small gains with the recent run both in the States and internationally getting long in the tooth.  On a sector-basis Food names led with Construction and Basic Resources also higher.  Energy lagged with a pullback in oil prices as the Dollar moves higher.

As PM May and MP’s discuss the future of Brexit the array of potential directions is becoming more complicated.  Options include another confidence vote and whether a new PM should be seated.  New elections are also being considered along with whether a new or amended plan should be tried with the EU.  Obviously an extension to Article 50 being enacted is being discussed along with whether an referendum to citizens should be held.  Today word was released a referendum could be a year-long process.

In the Chemical space Akzo Nobel rallied 1.8% on the announcement of €2B to be returned to shareholders soon.  That is part of a €6.5B package to be returned post their unit sale.

The European broadcasting space saw sizable losses today with BofAML downgrading several names on weakening in the region.  They note slowing TV consumption with a shift to online video accelerating.  ITV -6%, ProSieben 5.1%, and Mediaset -6.3% were downgraded to Underperform.  Also lower: Atresmedia Corp -8%.   The broker said synergies across the region would be tough to unlock but any consolidation would be a positive.

From earlier: Soc Gen -5.7%, Deutsche Bank -4.1%, Commerzbank -3.4%, Voestalpine -4.2%. 

Japan is out tonight with inflation readings for December along with Industrial Production readings.  UK retail sales are expected to show a MoM slowing in December.

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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