While Travel and Media names continued to lead, their gains were pared somewhat with most sectors flattish to down on the day. Basic Resources and Energy continued to lag finishing down over a percent each with weakness in the States weighing on European indices.
From its closing low in December the Stoxx 600 rallied nearly 8%. Today, even though it was lower on the day, only created a Doji on the charts. While that signals indecision and many times a reversal in direction time will tell whether we consolidate here and rally again or work lower. Of interest Emerging Markets are catching the eye of some technicians with the EEM holding above its downward channel it broke from early in the month.
Drink-maker Remy Cointreau fell 3.4% after 3Q sales numbers missed estimates. The firm confirmed FY18/19 noting China is holding in.
Investors were disappointed in TomTom’s -7.6% sell of their telematics unit to Bridgestone. The deal is worth €910M with investors expected to reap €750 via a capital repayment coupled with a share consolidation.
On tougher competition brokers downgraded shares of Telecom Italia -.6% with the stock halted at one point this morning.
Debenhams leapt 12% on a news story by the Financial Times that the firm is speaking with building owners to attempt a reduction in store lease costs.
Linde 1.3% moved a bit higher post an announcement of a $6B share buyback approval by the board.
From earlier: UBS -3.2%, Hugo Boss +5.6%, easyJet +6.3%, Ryanair +3.9%.
Tonight, Japan will release trade data along with retail sales readings with rates and comments expected from the BOJ as mentioned earlier. EU Consumer Confidence readings are expected to show further weakening tonight with French confidence numbers due as well.