After gapping lower European indices worked a bit higher, staying in a fairly tight range the balance of the session. Losses were slight with sector moves a bit more pronounced. Media slipped nearly 1.5% with Financials and Tech names down 80bps. Only the Chemical sector logged a gains, up a tepid 8bps. On the Brexit front PM May still does not have enough support in parliament to pass her deal thus a third vote at this point is on hold.
Bayer fell 2.9% after they and JNJ settled a $775M suit associated with internal bleeding for some users of their blood-thinner Xarelto. The drug is their top seller, racking up over $4B in sales last year.
Airbus -.5% moved a bit closer to flat on headlines they have secured a long-awaited deal with China. On the Boeing 737 Max issues Airbus was pressing to win the deal with China’s President in France. Post the close an announcement to buy 290 A320 planes along with 10 A350S jets was reported with a value of $35B.
South Africa’s Naspers -1.6% said they will spin off its internet unit and list it in the Netherlands. Most of the unit’s value though is reflected in its 31% stake in Tencent Holdings.
From earlier: Fiat +2%, Peugeot -2.9%, Inmarsat +10%.
After the close of trading tonight in Hong Kong trade data will be released. French confidence data is expected as well.