European indices ended with a positive bias, holding steady over the afternoon. Autos and Banks ended down small with 1+% gains in Healthcare, Foods, Tech, Financials, Personal Goods, and Media names. Stoxx 600 members were to the upside at a rate of two to one with volume off 17%. Moves in bonds were scant in the afternoon with the UK Gilt seeing some selling, yielding at 1%. Ahead of tomorrow’s Brexit-alternative vote in Parliament the Pound today held in, continuing to trade just under the 400 day.
Bang & Olufsen ended down over 26% after they sharply cut their FY outlook and put a stop to their buyback program. Revenues are seen off 10% YoY with consumer’s move to personal devices weighing. Sales of their $15k TV’s are weak with traditional stereo-type systems not as much in demand.
Debenhams rallied 42% with Sports Direct said to be interested. SD’s CEO Mike Ashley is a large holder already in Debenhams and is hoping that creditors do not end up with the firm.
Several UK builders gained today, led by Crest Nicholson +5%, with the firm noting trading has been resilient. Markets are encouraged by the new CEO as well. Bovis Homes +1.7%.
From earlier: Airbus +2%, Ferguson -7.2%, Ocado +4%, IAG -2.2%.
Tonight, China will release Industrial Profits while Korean Consumer Confidence is expected.