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

International Summary

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International Summary

"CAPIS EU Close – 4/8/2019"

posted by Clayton Duff on 04/08/2019 at 12:43 pm

by Clayton Duff

04/08/2019 at 12:43 pm

European indices gave up midday highs (which only got markets to flattish levels) to close just above day’s lows.  Finishing levels though were not that bad with moves away from flat pretty benign.  The Stoxx 600 saw 189 names better with 398 down on volume 26% weaker.  The same concerns continue to get regurgitated with global slowing along with Brexit and the US/China trade deal noted.

Despite the lackluster trading the Energy sector rallied nearly 90bps with oil continued to work higher on the aforementioned woes in the middle East. Several defensive sectors also saw small gains while Travel and Media names slipped.

Keep an eye on Sony (ADR’s +7.5%) tonight after Reuters reported Third Point is increasing their holdings in the name.  Reuters said Third Point is looking for an investment vehicle to provide $500M to $1B as they want the company to consider offloading their movie studio to the likes of Amazon or Netflix.

Exploration firm Equinor rallied 2.6% despite word Norway’s political leadership is denying support to develop an Arctic sight that could produce 1-3B barrels of oil.  the Lofoten site has been off limit to development for years but as other field slowly pare down supplies the country could see its oil/gas exports not longer accounting for the majority of total country exports.

Bayer -.3% is looking to reduce headcount by 12k positions worldwide with 4500 jobs alone in Germany.  While the company denies the move has anything to do with the glyphosate lawsuits they did confirm it is associated with streamlining the firm post the Monsanto acquisition.

From earlier: BHP +.6%, BMW -.3%, Merck KGaa +.3%,  Deutsche Bank -1.9%, and Commerzbank -2.4%.

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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