Today’s European results looked very familiar to yesterday with subdued results. Indices ended mostly flattish to up small with no bold moves among sectors. Trading in London though was better bid with broad gains as Consumer Staples, Health Care, RE, and IT led. Similar moves were seen region-wide with Autos and Media names lagging. Volume on the SXXP was 4% lower on the day. Encouraging sales from Target in the US helped bid the consumer space with names like Unilever up 1.8%. Retail sales met estimates in the EU with a swing to gains on a MoM basis.
Service PMI readings in the region were generally better with small beats across the majors. Inflation in Switzerland remains scant with MoM growth of just .4%. The result only bolsters their central bank to retain their negative rate structure.
On the earnings front safety-testing firm Eurofins fell 10% despite predicting FY19 revenue well ahead of FY18 levels. The change in view disappointed investors with the firm to keep their M&A focus under €300M a year.
Lighting company Zumtobel fell 12% post reporting a 9M net loss of €6.1M. Lowering overall costs to agreeable levels has still not occurred with the firm to bring down production in Austria and China.
GDP is expected to be released Down Under followed by German Construction PMI.