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06.18.2019 19 new International Summary posts under Morning Note (10) and International Summary (9)

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International Summary

"CAPIS EU Close – 4/2/2019"

posted by Clayton Duff on 04/02/2019 at 12:34 pm

by Clayton Duff

04/02/2019 at 12:34 pm

Most markets saw slight gains with the UK outperforming as the Pound fell.  The Auto sector finished north of a percent with solid gains seen in Insurers, Media, and Banks.  443 members of the Stoxx 600 ended higher on volume 10% lower.

While the IMF said they do not expect a recession they did add that a rebound in growth this year is seen as “precarious”.  Trade risks, Brexit, and the unease in financial markets was all cited.  Lagarde though was a bit more positive, noting the 2H of the year looks better even though the global economy is losing momentum currently.   On the Brexit font France’s Macron said further UK parliament rejection of plans to move forward is putting them on a path to a Hard Brexit.

Standard Chartered closed up 3.4% on hopes of finalizing the Iran-related scandal with the US government.  The US extended their deferred prosecution agreement another two weeks but the monitorship by the US ended Sunday.  A large fine by the US is expected soon which should put a bow on the investigation as the firm put away $900M in February in anticipation.

Atos finished off 2% but had been down more earlier after the broker Berenberg put out a sell recommendation on faulty information.  The call moved the stock prompting the company to alert France’s financial markets regulator.

Wizz Air ascended 5% on word it sees their net profit near the upper half of estimates as demand remains robust.

From earlier: Ahold -1.5%, Rolls Royce -1.1%.

Caixin Service PMI data is due in China tonight with a tick up expected.  Hong Kong PMI and Japanese Service PMI is also out along with India’s.  Along with Service PMI data, Retail Sales and their Trade Balance is expected Down Under.   Service and Composite PMI is due across Europe along with EU Retail Sales.

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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