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05.24.2019 16 new International Summary posts under Morning Note (10) and International Summary (6)

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International Summary

"CAPIS EU Close – 5/13/2019"

posted by Clayton Duff on 05/13/2019 at 12:55 pm

by Clayton Duff

05/13/2019 at 12:55 pm

It is all about retaliation today with headlines from China tanking indices.  Europe did though manage to close better than the current moves in the States.  Utilities saw a small gain with light losses in Energy in light of the tensions with Iran buoying oil prices (which have given back much of the day’s gains post the US open).  Leading lower, Autos fell 2.7% with Basic Resources, Telcos, and Industrials off 2% of more.  Unfortunately, volume on the Stoxx 600 was up 2%.

Tomorrow Vodafone -5.2% reports FY results with the Sunday times reporting they may materially reduce their dividend. The story notes the firm is looking to be active in the German and Italian spectrum auctions with the funds to be diverted to those events. Post the close headlines hit that they will offload their New Zealand business with Brookfield said to be in the mix.

Aerospace firm Leonardo fell 4.7% as another helicopter operator filed bankruptcy, this time with Bristow Group filing Chapter 11.

Air France -4% will pare nearly 500 positions in its short-haul space as low-cost airlines and trains force it to cut domestic routes.  The firm further saw a broker downgrade with higher fuel costs and new pay deals expected to weigh.

From earlier: ThyssenKrupp -9%, E.ON +.4%, Centrica +3%, EssilorLuxottica +.1%.

Korea will release import/export prices followed by Industrial production readings in the EU. UK jobs data will be out followed by Germany inflation and ZEW readings.

About the Author

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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