European markets closed mixed with markets there spending the session shaking off early lows. On the sector front only Autos saw notable gains, finishing up 71bps, while Banks and Personal Goods were only slightly green. Basic Resources fell over a percent while Energy slipped less than percent on flattish oil prices today. Copper is currently off over a percent today.
During its investor day Michelin +.6% reaffirmed their growth objectives for next year and announced they will undergo a €500M share buyback. On that the name moved off of earlier lower levels to close up small. The company said while Chinese new car sales are expected to rise in the 2H new car sales in March declined again.
In the retail space Casino fell 3.5% after Morgan Stanley expressed concern about their debt load. Competition and modest cost-savings were highlighted with the broker noting the company has few levers to pull to right the ship.
Also weighing in the retail space, home appliance-seller AO World fell 5.7% on word they adjusted ebitda is expected at the lower end of expectations. The company booked a loss-making contract in Germany and is unable to terminate it. The firm is evidently unable to make it up in volume. That loss is coupled with costs associated with a change of management.
Earnings and spending data is due from Japan tonight followed by Halifax House pxs in the UK along with Unit Labor Costs.