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EU indices under pressure TA focus on Adidas

 

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 therefore the U.K.'s FTSE 100 was up 1.29%.


EUROPE ADVANCE/DECLINE

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 replacement 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



INTEREST RATE

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).


ECONOMIC DATA

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%


MORNING TRADING

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 oz .

Siemens, an industrial manufacturing company, is nearing a deal to sell its mechanical drive unit to Carlyle Group for two billion euros, reported Bloomberg citing people conversant in 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 line drawn since March 2020. additionally , 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.


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