Friday, European stocks were broadly higher. The Stoxx Europe 600 Index rose 0.62%, Germany's DAX 30 climbed 0.82%, France's CAC 40 jumped 1.20% and the U.K.'s FTSE 100 was up 1.29%.
71% of STOXX 600 constituents traded higher Friday.
45% of the shares trade above their 20D MA vs 40% Thursday (below the 20D moving average).
60% of the shares trade above their 200D MA vs 57% Thursday (below the 20D moving average).
The Euro Stoxx 50 Volatility index eased 0.83pt to 28.16, a new 52w high.
SECTORS vs STOXX 600
3mths relative high: Autos, Industrial
3mths relative low: Healthcare
Europe Best 3 sectors
travel & leisure, automobiles & parts, banks
Europe worst 3 sectors
technology, basic resources, chemicals
The 10yr Bund yield rose 2bps to -0.57% (below its 20D MA). The 2yr-10yr yield spread rose 1bp to -18bps (below its 20D MA).
GE 10:00: Oct Ifo expectations, exp.: 97.7
GE 10:00: Oct Ifo Current Conditions, exp.: 89.2
GE 10:00: Oct Ifo Business Climate, exp.: 93.4
FR 14:00: 12-Mth BTF auction, exp.: -0.65%
FR 14:00: 3-Mth BTF auction, exp.: -0.69%
FR 14:00: 6-Mth BTF auction, exp.: -0.68%
In Asian trading hours, EUR/USD eased to 1.1836 and GBP/USD dropped further to 1.3025. USD/JPY edged up to 104.83.
Spot gold fell to $1,900 an ounce.
Siemens, an industrial manufacturing company, is nearing a deal to sell its mechanical drive unit to Carlyle Group for 2 billion euros, reported Bloomberg citing people familiar with the matter.
Adidas, a multinational apparel company, was downgraded to "hold" from "buy" at HSBC.
From a daily point of view, the stock price is supported by a rising trend line drawn since March 2020. In addition, the Relative Strength Index is trading above the key horizontal support area at 45%. Above 265.5E, targets are set at the horizontal resistance at 290E and at the previous all-time high of January 2020 at 317.5E in extension.
Source: TradingView, GAIN Capital
EDF, an electric utility company, was upgraded to "buy" from "hold" at HSBC.
Galp Energia, a Portuguese oil and gas company, is expected to report 3Q results.
Telecom Italia, an Italian telecommunications company, is planning a 5 billion euros fiber project in Italy, according to Bloomberg.
This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.
GAIN Capital Singapore Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the GAIN Capital group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), GAIN Capital Singapore Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact GAIN Capital Singapore Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.
In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither GAIN Capital Singapore Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.
GAIN Capital Singapore Pte. Ltd. is not under any obligation to update this report.
Trading CFDs and FX on margin carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit cityindex.com.sg for the complete Risk Disclosure Statement.
Cryptocurrencies are not legal tender currency and trading of derivatives on Cryptocurrencies are currently not covered under any regulatory regime in Singapore. Consequently, investors should be aware they do not have protection under the Securities and Futures Act (Cap. 289). Please ensure that you are fully aware of the risks.