* European benchmarks about-face absolute afterwards aciculate fall
* Unloved autos and banks advance rebound
* Nasdaq (Frankfurt: 813516 – news) had affliction day aback Aug 2011
* ECB affair in focus
* Balance breeze in from UBS (LSE: 0QNR.L – news) , ABB (LSE: 0NX2.L – news) , Equinor
Oct (Shenzhen: 000069.SZ – news) 25 – Welcome to the home for real-time advantage of European disinterestedness markets brought to
you by Reuters stocks reporters and anchored today by Helen Reid. Reach her on Messenger to
share your thoughts on bazaar moves: [email protected]
“THIS IS NOT A GLOBAL GROWTH SHOCK” (1124 GMT)
With Europe advancing aback absolutely acerb from its antecedent slump, analysts and investors are
questioning area the “bottom” of this selloff ability be. Credit Suisse Abundance Administration CIO
Michael Strobaek argues, in a agenda to clients, that fears of aiguille profits are overblown, and the
underlying drivers of all-around advance abide healthy.
“Cracks in the U.S. balance shield” are the capital affair active this selloff, he writes,
noting advice has been bad from some companies advised bellwethers of the all-around economy
(like Caterpillar (LSE: 0Q18.L – news) ).
Fears of peaking profits accept apprenticed investors abroad from risk, but Strobaek argues: “Even (Taiwan OTC: 6436.TWO – news) if
earnings per allotment accept peaked, while this would absolute the admeasurement to which multiples can expand
further, it is not a acumen for stocks to abatement 10%.”
Meanwhile the absolutely absorbing affair about this bazaar may be ambuscade in the areas that
haven’t confused as much.
“The actuality that all-around yields and t accept captivated up in the face of the disinterestedness sell-off
also suggests that this is not a all-around advance shock,” says Strobaek.
EM assets additionally haven’t underperformed in this best contempo disinterestedness drawdown, and global
earnings advance expectations are still actuality revised up (see below).
“While the advancing setback is absolutely arduous for portfolios, we acquisition no accessible signs
of article added adverse in this correction,” he adds, afraid with his advocacy for a
small disinterestedness overweight, focused on EM and Switzerland, and an angular on the Euro zone.
“Investors should not blitz aback in, but add acknowledgment gradually in areas area amount is most
EUROPE HASN’T BEEN THIS CHEAP SINCE 2011. TEMPTED? (1025 GMT)
Markets are afraid and the apropos that accept acquired this month’s big risk-off move are far
from actuality austere but depressed valuations are starting to beam on investors’ screens. Price
action this morning in Europe speaks for itself.”
After hitting beginning multi-month lows European stocks accept staged a allusive changeabout and
now all aloft indexes, including the FTSE 100 (penalised by a bifold chiffre bead in ad aing WPP (Swiss: OXWPP.SW – news)
), are trading in the black. There was no bright account trigger.
A London-based banker boils bottomward the move to arrangement hunting – afterwards all Europe Inc’s PE
ratio abatement to Wall Street has climbed aloft 20 percent, the widest gap aback 2009.
“I wouldn’t be too afraid if arrangement hunting is about to arise abnormally as we
nearing the end of this abominable month,” says Markus Huber of City of London Markets.
And here’s a blueprint assuming how the euro zone’s appraisal abatement has climbed aback to levels
last apparent during the euro area debt crisis.
We’ve flagged moves in autos and banks, two sectors that are decidedly cheap, and have
both absent 22 percent year to date, calmly arch sectoral fallers in Europe in 2018.
* ITALY’S BANKS INDEX UP 2.4 PCT, SET FOR BEST DAY IN 6 WEEKS AS ITALIAN, SPANISH STOCKS
LEAD EUROPEAN REBOUND
* PEUGEOT SHARES SPIKE HIGHER IN BROAD AUTO SECTOR REBOUND, UP 6.6 PCT AND SET FOR BEST DAY
IN THREE MONTHS
NEARLY $7 TRILLION WIPED OFF SINCE THE FEB CORRECTION (0845 GMT)
Well, not abundant added to add added than, yep, gee, that’s a lot of money.
As a bonus, here’s the aboriginal hit back you google 7 trillion:
(Marc Jones and Julien Ponthus)
OPENING SNAPSHOT: STOXX AT NEW LOW, EYES WORST MONTH SINCE 2011 (0726 GMT)
The sell-off has resumed with the STOXX 600 sliding to new multi-year lows and
bringing month-to-date losses to about 9 percent at one point, possibly ambience the European
benchmark basis for its affliction ages aback August 2011 back fears of a bane of the euro
zone’s debt crisis ashamed all-around markets.
Earnings are accomplishing little to allay the affliction as investors affront over slowinggrowth,
worries over political adherence in Europe (read Italy and Brexit) and a about-face to tighter
monetary action beyond the globe.
It will be absorbing to apprehend afterwards on today from Mario Draghi afterward the ECB policy
meeting. Worth (Shenzhen: 300483.SZ – news) acquainted that ambit markets – Italy’s FTSE MIB bourse and Spain’s IBEX
– are both higher. Italy’s bourse in accurate has been formed this ages by worries over
the country’s finances.
Is that a flight to commonly riskier assets? Answers on a postcard please!
Here’s your aperture snapshot.
And actuality are the STOXX’s account moves.
WHAT’S ON THE RADAR: SELLOFF SPREADS TO EUROPE AS GLOBAL LOSSES HIT $7 TRILLION (0645 GMT)
A all-around banal bazaar selloff was set to ambit Europe on Thursday with futures for the main
regional benchmarks bottomward 0.7 to 0.9 percent afterwards abundant losses on Wall Street and in Asian
shares. The FTSE 100, DAX and CAC 40 were set to accessible at new multi-year lows.
This buck bazaar has taken about $7 abundance off the all-around MSCI (Frankfurt: 3HM.F – news) index’s absolute bazaar cap
since the Jan peak.
A bulk of balance to accumulate traders active with UBS, AB InBev (Brussels: ABIT.BR – news) , and Norwegian Air amid those
Results were attractive hardly bigger for banks, with both Switzerland’s bigger coffer UBS and
Britain’s bigger mortgage lender Lloyds assault accumulation expectations.
Stronger than accepted after-effects from Swiss engineering aing ABB could additionally encourage
investors afterwards anemic balance from Caterpillar collection a aciculate selloff and all-overs around
On the added hand, with tech decidedly in the spotlight afterwards the Nasdaq had its worst
fall aback Aug 2011, BE Semiconductor’s after-effects will do annihilation to abate concerns. The
Amsterdam-listed maker of semiconductor accumulation accessories said it saw a about 25 percent drop
in Q4 acquirement due to weaker bazaar conditions.
AB InBev is apparent falling 3 to 5 percent afterwards acid its allotment and advertisement in-line Q3
Norwegian Air’s after-effects accepted investors’ apropos about the airlines sector, with the
budget airline adage college ammunition prices were accretion assemblage cost.
Some actual anemic after-effects from WPP (Frankfurt: A1J2BZ – news) and Debenhams (Frankfurt: D2T.F – news) will additionally acceptable aching their shares. WPP is
seen bottomward 7 to 10 percent afterwards sales alone sharply.
The ECB affair today would acceptable access up the burden on equities, abacus yet another
reminder that accessible budgetary policy’s canicule are numbered. Societe Generale (Swiss: 519928.SW – news) analysts said they
expect the ECB’s accident appraisal to abide broadly counterbalanced and QE to end in December.
M&A remained a disciplinarian still, with shares in Ceva Logistics apparent up 28 percent in pre-market
trade afterwards France’s CMA CGM offered to booty abounding ascendancy of the firm.
Britain’s Lloyds Coffer beats forecasts with $2.32 bln third division profit
Daimler Q3 hit by Germany slump as CEO forecasts aerial appeal in Q4
France’s CMA CGM offers to buy abounding ascendancy of Ceva
WPP says accessible to pale auction in abstracts assemblage as sales bead sharply
Debenhams to aing 50 food as posts bigger accident in 240-year history
EARLY MORNING HEADLINES ROUND-UP: UBS, ABB, ORANGE (LSE: 0OQV.L – news) , NORWEGIAN AIR (0552 GMT)
It’s attractive like a stronger day for coffer balance with UBS, Switzerland’s bigger bank,
reporting stronger than accepted net Q3 accumulation which the lender put bottomward to all-around growth
prospects and budgetary action normalisation.
An automated bellwether for Europe, engineering aggregation ABB additionally appear hardly stronger
than accepted Q3 profit, adage its advance was convalescent about the world.
Bad account for the airlines sector, though, with Norwegian Air adage its assemblage amount has
increased due to college ammunition prices, advertisement Q3 after-effects backward forecasts.
And BE Semiconductor’s after-effects aren’t activity to accommodate any abundance to the chipmaker
subsector and tech generally: the aing said its Q4 acquirement is accepted to bead up to 25 percent
compared with the antecedent quarter.
UBS Q3 net accumulation beats estimates as Americas arena shines
UBS sees abundance administration inflows of at atomic 3 pct by 2021
ABB letters slight Q3 accumulation beat, sees absolute all-around growth
Norwegian Air hit with ascent costs due college ammunition prices
Telecoms accumulation Orange’s Q3 amount operating accumulation rises 3 pct
Equinor cuts capex spending as Q3 accumulation hardly lags forecast
Lonza confirms 2018 angle and mid-term guidance
Sweden’s Alfa Laval Q3 adjustment assimilation beats consensus
Russia, Real hypermarkets cavity sales at Germany’s Metro (Amsterdam: ME6.AS – news)
Electronics banker Ceconomy blames hot acclimate for poor sales
Covestro (IOB: 0RBE.IL – news) aims to cut costs by 350 mln eur from 2021
BE Semiconductor sees about 25 pct bead in Q4 revenue
Bank DNB Q3 lags anticipation admitting no losses
Mining accessory maker Epiroc Q3 adjustment assimilation misses forecast
Steinhoff says accessory Stripes U.S. Holding to authority restructuring meet
Bouygues Telecom in talks to buy buzz casework aing Keyyo
EUROPEAN STOCKS TO SLIDE AFTER BRUISING WALL ST SELLOFF (0532 GMT)
It’s set to be addition day of abundant losses for European stocks today afterwards Wall St and Asian
stocks sank overnight.
The Nasdaq had its affliction day aback Aug 2011 – accident 4.6 percent and acknowledging a correction
– while the S&P 500 and Dow Jones asleep their assets for the year as investors ran for safety
from worries including black balance reports, Brexit uncertainty, Italy’s account row,
upcoming U.S. elections and adept tensions with Saudi Arabia.
Asian shares plunged as hundreds of billions of dollars haemorrhaged from all-around markets
after a beating in tech stocks inflicted the better circadian abatement on Wall Street aback 2011,
wiping out all its assets for the year.
On the slate for Europe today is the ECB affair and a bulk of balance from UBS, ABB,
Equinor, and more.
The FTSE 100 is accepted to accessible 57 credibility lower at 6,905, the DAX is accepted to accessible 100
points lower at 11,091, and the CAC 40 is accepted to accessible 28 credibility lower at 4,925, according
to CMC Markets (LSE: CMCX.L – news) .
(Reporting by Helen Reid, Danilo Masoni, and Julien Ponthus)
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