EU Indices Flat This Morning | TA Focus On Sanofi

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INDICES
Yesterday, European stocks rebounded strongly. The Stoxx Europe 600 Index jumped 1.97%. Germany’s DAX 30 surged 2.84%, France’s CAC 40 advanced 2.49%, and the U.K.’s FTSE 100 was up 1.34%. EUROPE ADVANCE/DECLINE
89% of STOXX 600 constituents traded higher yesterday.
64% of the shares trade above their 20D MA vs 42% Wednesday (below the 20D moving average).
46% of the shares trade above their 200D MA vs 43% Wednesday (above the 20D moving average).

The Euro Stoxx 50 Volatility index eased 2.54pts to 27.59, a new 52w high.

SECTORS vs STOXX 600
3mths relative high: Chemicals
3mths relative low: Media

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Europe Best 3 sectors
banks, automobiles & parts, chemicals

Europe worst 3 sectors
health care, media, telecommunications

INTEREST RATE
The 10yr Bund yield rose 6bps to -0.4% (above its 20D MA). The 2yr-10yr yield spread rose 1bp to -25bps (below its 20D MA).

ECONOMIC DATA
FR 07:45: May Budget Balance, exp.: E-92.1B
FR 08:50: Jun Markit Services PMI final, exp.: 31.1
FR 08:50: Jun Markit Composite PMI final, exp.: 32.1
GE 08:55: Jun Markit Services PMI final, exp.: 32.6
GE 08:55: Jun Markit Composite PMI final, exp.: 32.3
EC 09:00: Jun Markit Services PMI final, exp.: 30.5
EC 09:00: Jun Markit Composite PMI final, exp.: 31.9
UK 09:30: Jun Markit/CIPS UK Services PMI final, exp.: 29
UK 09:30: Jun Markit/CIPS Composite PMI final, exp.: 30

MORNING TRADING

In Asian trading hours, EUR/USD bounced to 1.1245 while GBP/USD was broadly flat at 1.2464. USD/JPY was little changed at 107.53. AUD/USD held gains at 0.6926. This morning, official data showed that Australia’s retail sales rose 16.9% on month in May (+16.3% expected).

Spot gold edged up to $1,776 an ounce.

#UK#
Essentra, a provider of essential components and solutions, posted a 1H trading statement: “As highlighted in the Company’s last announcement dated 21 May 2020, Group like-for-like (LFL) revenue declined 17% in April. Group LFL revenue performance has improved as the quarter progressed – in May it was -10%, in June it is expected to be -1%. The Company therefore expects that LFL Q2 performance will be -10%, whilst LFL H1 performance is anticipated to be -9%.”

Associated British Foods, a food processing and retailing company, was downgraded to “neutral” from “buy” at Goldman Sachs.

Next, a retail group, was downgraded to “sell” from “neutral” at Goldman Sachs.

#GERMANY#
Deutsche Bank’s, a banking group, chief economist Torsten Slok, will leave the bank to join alternative investment firm Apollo Global Management, according to Bloomberg.

HeidelbergCement, a building materials supplier, was upgraded to “overweight” from “underweight” at Morgan Stanley.

#FRANCE#
Sanofi, a French pharmaceutical group, and American biotech firm Regeneron announced that a phase 3 trial of their Kevzara in COVID-19 patients did…