Most European indices held gains on sentiment fueled trade talk advances made between President Trump and China’s Vice Premier Liu. Better German MoM Industrial Production also helped as well. On the day, the FTSE 100 led with the weaker Pound (approaching 1.30) helped. Moves away from the UK continued to be as scant as they were this morning. On the week though we saw solid gains with the UK up 2.3%, Germany up 4.2%, and France +2.35%. Volume today was off 16% per the Stoxx 600.
On the sector front Energy led, up .88%, with Brent up to levels not seen since last November and through the 200 day level. As with West Texas Intermediate moves higher appear imminent.
AB Inbev rallied 1.9% with BofAML upgrading their view of the firm’s organic growth. However they do not see much of a bigger move with eps estimates for next year below estimates.
Post the close Engie is said to be near a deal to buy Petrobras’ pipeline unit for $9B. The deal will see Engie and the Canadian pension fund Caisse de Deport et Placement du Quebec acquiring 90% of their 2800 mile pipeline network in Brazil called TAG.
Japan will be out with its Trade Balance Sunday, expected to expand to ¥1.92T. Germany follows with Trade Data. Note the ECB meets Wednesday.
Monday, Thailand will be shut for trading.