Perhaps its just a dead cat bounce but European indices did rebound today with many seeing the action moving outside of the downward trend channel we’ve seen as of late. 500 names out of the Stoxx 600 closed up with volume 8% higher. All sectors rallied with the beat up Tech space up 2.22%.
Emotions are still being jerked in different directions concerning the trade talks with positive comments from one official being offset with negative comments from another. One report noted top Trumps officials say a deal is not close with a long trade war ahead. Yesterday, headlines alluded to the potentiality that the US and Japan will make a deal that will place China back on their heels. On another macro level, energy prices are up with OPEC today affirming their FY oil demand. Non-OPEC supply was slightly adjusted lower with FY19 OPEC demand a bit higher.
Things are not all going swimmingly for Leroy Seafood -8% with 1Q NI light. 2Q earnings are seen inline with the 1Q. Harvest volumes have disappointed with higher costs also weighing. Majority owner Austevoll Seafood fell 8%.
Cable producer Prysmian rose 7.2% on a solid report with BofAML stating the trend looks strong over the year.
Cookware maker Portmeirion Group fell 24% on lowered FY profit seen by the firm. Group sales over the 1st four months is off 10% YoY. Product development with a Korean developer is taking longer than expected as well.
Tonight, watch for Industrial Production, Retail Sales, and possibly FDI out of China with Japan to release Construction and Machine Tool orders. SK is expected to see their unemployment rate hold steady at 3.8% with Wage Prices and Westpac consumer confidence expected Down Under. EU Employment is out along with GDP which will be released by Germany as well. French CPI will be out as well.