29 09 EU PRE OPEN

INDICES
Yesterday, European stocks were broadly higher. The Stoxx Europe 600 Index jumped 2.22%, Germany's DAX 30 surged 3.22%, France's CAC 40 climbed 2.40%, and the U.K.'s FTSE 100 was up 1.46%.

EUROPE ADVANCE/DECLINE
88% of STOXX 600 constituents traded higher yesterday.
47% of the shares trade above their 20D MA vs 31% Friday (below the 20D moving average).
55% of the shares trade above their 200D MA vs 50% Friday (below the 20D moving average).

The Euro Stoxx 50 Volatility index eased 0.98pt to 26.82, a new 52w high.

SECTORS vs STOXX 600
3mths relative high: Industrial
3mths relative low: Telecom., Energy

Europe Best 3 sectors
banks, financial services, automobiles & parts

Europe worst 3 sectors
health care, utilities, telecommunications


INTEREST RATE
The 10yr Bund yield fell 3bps to -0.53% (below its 20D MA). The 2yr-10yr yield spread rose 0bp to -18bps (above its 20D MA).


ECONOMIC DATA
FR 07:45: Sep Consumer Confidence, exp.: 94
UK 09:30: Aug Mortgage Approvals, exp.: 66.3K
UK 09:30: Aug Mortgage Lending, exp.: £2.7B
UK 09:30: Aug Net Lending to Individuals MoM, exp.: £3.9B
UK 09:30: Aug BoE Consumer Credit, exp.: £1.2B
EC 10:00: Sep Consumer Confidence final, exp.: -14.7
EC 10:00: Sep Consumer Inflation expectations, exp.: 16.9
EC 10:00: Sep Economic Sentiment, exp.: 87.7
EC 10:00: Sep Industrial Sentiment, exp.: -12.7
EC 10:00: Sep Services Sentiment, exp.: -17.2
GE 11:00: Bundesbank Mauderer speech
GE 13:00: Sep Harmonised Inflation Rate MoM Prel, exp.: -0.2%
GE 13:00: Sep Harmonised Inflation Rate YoY Prel, exp.: -0.1%
GE 13:00: Sep Inflation Rate MoM Prel, exp.: -0.1%
GE 13:00: Sep Inflation Rate YoY Prel, exp.: 0%
GE 17:00: Bundesbank Mauderer speech


MORNING TRADING
In Asian trading hours, EUR/USD climbed to 1.1671 and GBP/USD held gains at 1.2839. USD/JPY was little changed at 105.53.

Spot gold rose further to $1,884 an ounce.


#UK - IRELAND#
B&M European Value Retail, a variety store chain, issued a 1H trading update: "Group revenue growth in the first half of 25.3%, with B&M UK stores generating revenue growth of 29.5% including like-for-like growth of 23.0%. (...) First half Group Adjusted EBITDA (pre-IFRS16) expected to be above the previously guided range (£250m to £270m announced on 28 July) and now estimated to be approximately £285m (before currency adjustments)."

Greggs, a bakery chain, released a trading update: "Since reopening our full estate on 2 July like-for-like sales in company-managed shops have averaged 71.2% of the 2019 level in the 12 weeks to 26 September.  In the most recent four weeks to 26 September like-for-like sales in company-managed shops have averaged 76.1% of the 2019 level, in line with our planning assumptions at this stage."
From a daily point of view, the share is trading within a falling wedge drawn since February. Furthermore, the Relative Strength Index is supported by a rising trend line since March and a break above the declining trend line drawn since May on the RSI would give us an advanced signal for the validation of the pattern. Above the lower boundary of the pattern at 1100p, look for the horizontal resistance of August 2020 at 1495p and 1920p in extension.


Source: GAIN Capital, TradingView

Grainger, a residential property group, published a trading update: "Rental growth remains strong at 3.0% year to date, (...) Sales profits in the year expected to be broadly in line with the prior year."

Standard Life Aberdeen, an investment company, was upgraded to "overweight" from "neutral" at JPMorgan.


#GERMANY#
Hella, an automotive part supplier, announced the sale of its front camera software business to Volkswagen's Car.Software Org, where the transaction is expected to result in extraordinary income of approximately 100 million euros.


#SCANDINAVIA - DENMARK#
EQT, an investment firm, is considering a 2 billion euros IPO for its German facilities management company Apleona Group, reported Bloomberg citing people familiar with the matter.

Maersk, a Danish integrated shipping company, was upgraded to "buy" from "neutral" at Goldman Sachs.