04 12 EU PRE OPEN
EU indices slightly up | TA focus on Associated British Foods
Yesterday, European stocks were mixed. The Stoxx Europe 50 slipped 0.1%, Germany's DAX slid 0.5% and France's CAC 40 fell 0.2%, while the U.K.'s FTSE 100 advanced 0.4%.
EUROPE ADVANCE/DECLINE
48% of STOXX 600 constituents traded higher yesterday.
61% of the shares trade above their 20D MA vs 66% Wednesday (below the 20D moving average).
84% of the shares trade above their 200D MA vs 84% Wednesday (above the 20D moving average).
The Euro Stoxx 50 Volatility index eased 0.38pt to 21.32, a new 52w high.
SECTORS vs STOXX 600
3mths relative high: Financial Services, Banks, Travel & Leisure, Basic Resources
3mths relative low: Chemicals, Food & Beverage, Healthcare
Europe Best 3 sectors
energy, food & beverage, travel & leisure
Europe worst 3 sectors
banks, chemicals, basic resources
INTEREST RATE
The 10yr Bund yield rose 1bp to -0.52% (above its 20D MA). The 2yr-10yr yield spread rose 2bps to -18bps (above its 20D MA).
ECONOMIC DATA
GE 08:00: Oct Factory Orders MoM, exp.: 0.5%
FR 08:45: Oct Budget Balance, exp.: E-161.6B
EC 09:30: Nov Construction PMI, exp.: 44.9
FR 09:30: Nov Construction PMI, exp.: 42.7
GE 09:30: Nov Construction PMI, exp.: 45.2
UK 10:00: Nov New Car Sales YoY, exp.: -1.6%
UK 10:30: Nov Construction PMI, exp.: 53.1
MORNING TRADING
In Asian trading hours, EUR/USD was little changed 1.2143 and GBP/USD held gains at 1.3452. USD/JPY remained subdued at 103.85.
Spot gold climbed to $1,843 an ounce.
#UK - IRELAND#
B&M European, a variety store chain, released a 3Q trading update: "Over the first 9 weeks of Q3 at B&M UK stores, there has been a steadily improving customer count and like-for-like ("LFL") sales growth has been slightly ahead of H1, but is expected to moderate over the balance of the financial year. Accordingly, the Group now expects adjusted EBITDA (on a pre-IFRS 16 basis) for the twelve months to 27 March 2021 ("FY21") to be in the range of £600m to £650m. The analysts' consensus estimate for FY21 adjusted EBITDA (on a pre-IFRS 16 basis) is currently £571m."
Associated British Foods, a food processing and retailing company, issued a trading update: "Our estimate for the loss of sales for the announced periods of closure this Autumn is now some £430m. The operating costs of the stores which were closed were reduced by some 25% during this period of closure. (...) Notwithstanding the currently announced periods of restriction, we continue to expect Primark sales and profit to be higher this financial year compared to last."
Source: TradingView, GAIN Capital
Land Securities Group, a commercial property group, reported that it has agreed to sell 1 & 2 New Ludgate to Sun Venture for a cash consideration of 552 million pounds.
SSE, an energy group, said it has agreed to sell a 10% stake in the first two phases of Dogger Bank Wind Farm to Eni for an equity consideration of 203 million pounds.
EasyJet, a budget airline, was upgraded to "buy" from "hold" at Deutsche Bank.
#GERMANY#
Volkswagen, an automobile group, CEO Herbert Diess plans to fulfill his term and dismissed rumors that he might step down, according to German news magazine Wirtschaftswoche.
#FRANCE#
Remy Cointreau, a wines and spirits company, said it has sold its shares in the Passoa SAS joint venture to Lucas Bols Amsterdam for 71 million euros.
EX-DIVIDEND
Coloplast: DKK13
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