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International Summary

"CAPIS EU Close – 3/29/2019"

posted by Clayton Duff on 03/29/2019 at 12:50 pm

by Clayton Duff

03/29/2019 at 12:50 pm

Sweden continued to underperform with banks there again lower.  Other markets though in Europe finished to the upside with gains seen on the week.  Despite PM May losing her Brexit vote today the FTSE100 finished a percent better on the week with the DAX up 1.42% and CAC40 up 1.53% for the same period.   On the Brexit front, Sky News is reporting ministers are meeting with PM May adviser her to forget a soft Brexit and instead push for a no-deal Brexit.  We’ll see new votes next week.

On the sector front all but Telcos and Utilities finished better with Basic Resources and Tech names leading.   Homebuilders were weak with disappointing house price/mortgage approvals in the UK.

Proton therapy-equipment installer Ion Beam rallied 14% after it won a Shenzhen tender contract for their system. Contract negotiations are still underway but a deal of €90M is expected.

After noting they see next year’s profit weaker than expected Renewi fell over 21% at the open.  However, by the day’s end the stock was only off 2.7%.  The firm is undergoing tests required by the Dutch gov concerning their treated soil product. The firm said they feel they will adhere to banking covenants as they pare debt, sell assets, and cut their final divi.

Biotech Galapagos rose 22% on a positive drug study.  Along with their partner Gilead Pharma the drug hit its main goal in a late-stage study concerning rheumatoid arthritis.  The drug, filgotinib, along with methotrexate showed strong responses than with methotrexate alone.  GS said the firm could reach $3B in sales a year.

From earlier:  AstraZeneca -5.6% H&M +10%, Tui -4.4%.

Ahead of earnings ramping back up soon China will kick off the PMI releases with official Manu/non-Manu PMI readings tomorrow night followed by the Caixin readings on Sunday and Tuesday.  Watch for Manu PMI out of Japan along with Tankan Manufacturing readings.   Trade data is due from Korea along with Australian Manufacturing PMI.

EU Manu PMI is due along with CPI for the region after the open. PMI readings are due in the individual companies

About the Author

Clayton Duff headshot
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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