EU indices consolidate | TA focus on AB InBev

,

European stocks report | Wizz Air | Volkswagen | Allianz | Roche...

Stocks (2)

INDICES
Yesterday, European stocks were broadly higher. The Stoxx Europe 50 climbed 0.9%, Germany's DAX advanced 0.7%, France's CAC 40 rose 1.1%, and the U.K.'s FTSE 100 jumped 1.9%.

EUROPE ADVANCE/DECLINE
64% of STOXX 600 constituents traded higher yesterday.
71% of the shares trade above their 20D MA vs 70% Monday (below the 20D moving average).
85% of the shares trade above their 200D MA vs 84% Monday (above the 20D moving average).

The Euro Stoxx 50 Volatility index eased 1.61pt to 21.3, a new 52w high.

SECTORS vs STOXX 600
3mths relative high: Travel & Leisure, Basic Resource
3mths relative low: none

Europe Best 3 sectors
technology, utilities, energy

Europe worst 3 sectors
real estate, insurance, personal & household goods


INTEREST RATE
The 10yr Bund yield rose 2bps to -0.57% (below its 20D MA). The 2yr-10yr yield spread fell 2bps to -19bps (below its 20D MA).


ECONOMIC DATA
GE 08:00: Oct Retail Sales MoM, exp.: -2.2%
GE 08:00: Oct Retail Sales YoY, exp.: 6.5%
EC 09:00: ECB Non-Monetary Policy Meeting
UK 10:30: BoE FPC Meeting
EC 11:00: Oct Unemployment Rate, exp.: 8.3%
EC 11:00: Oct PPI MoM, exp.: 0.3%
EC 11:00: Oct PPI YoY, exp.: -2.4%
GE 11:40: 5-Year Bobl auction, exp.: -0.85%
EC 15:00: ECB Lane speech


MORNING TRADING
In Asian trading hours, EUR/USD held gains at 1.2072 while GBP/USD eased to 1.3415. USD/JPY edged up to 104.42. AUD/USD slipped to 0.7373. Earlier today, official data showed that Australia's 3Q GDP fell 3.8% on year (-4.4% expected).

Spot gold retreated to $1,809 an ounce.


#UK - IRELAND#
Wizz Air, a low-cost airline, reported that passenger number declined 84.7% on year to 456,487 in November and the load factor dropped 24.5 percentage points to 68.2%.

Royal Dutch Shell, a giant oil producer, was upgraded to "overweight" from "neutral" at JPMorgan.


#GERMANY#
Volkswagen's, an automobile group, supervisory board will continue to meet in the coming days to discuss about CEO Herbert Diess's term and selections for top management posts, reported Bloomberg citing people familiar with the matter.

Allianz, a financial services group, has agreed to acquire Australian bank Westpac's general insurance business for 725 million Australian dollars, according to a statement from Westpac.

Hannover Re, a reinsurance group, was upgraded to "overweight" from "equalweight" at Morgan Stanley.


#FRANCE#
Total, a French oil giant, was downgraded to "neutral" from "overweight" at JPMorgan.


#SPAIN#
Repsol, a fossil fuel company, was downgraded to "underweight" from "neutral" at JPMorgan.


#BENELUX#
AB InBev, a multinational drink and brewing company, was downgraded to "neutral" from "buy" at Citigroup.

From a technical point of view, the stock has broken the key horizontal resistance around 51.5E, which contained the share price since June 2020. Above the basis of the bullish breakaway gap at 47.5E, targets are set at 61.45E and 76.1E in extension. Alternatively, a break below 47.5E would call for a new correction move towards 44E.

Source: TradingView, GAIN Capital

#SWITZERLAND#
Roche, a multinational healthcare company, announced that the U.S. Food and Drug Administration has approved Gavreto (pralsetinib) for the treatment of advanced or metastatic RET-mutant and RET fusion-positive thyroid cancers.


EX-DIVIDEND
Hexagon: E0.62, Linde Plc (LIN): $0.963

More from Equities

From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.

As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.