EU indices down this morning | TA focus on ING Groep

EU indices down this morning | TA focus on ING Groep

European stocks report | Great Portland Estates | RSA Insurance Group | ING Groep | EMS Chemie...

INDICES

Yesterday, European stocks were broadly lower. The Stoxx Europe 600 Index dropped 0.77%. Germany's DAX 30 was little changed, France's CAC 40 sank 1.21%, and the U.K.'s FTSE 100 was down 1.73%.

EUROPE ADVANCE/DECLINE

78% of STOXX 600 constituents traded lower or unchanged yesterday.

46% of the shares trade above their 20D MA vs 61% Wednesday (above the 20D moving average).

42% of the shares trade above their 200D MA vs 45% Wednesday (above the 20D moving average).

The Euro Stoxx 50 Volatility index added 0.88pt to 30.45, a replacement 52w high.

SECTORS vs STOXX 600

3mths relative high: Chemicals, Technology

3mths relative low: Telecom., Media, Energy

Europe Best 3 sectors

technology, basic resources, health care

Europe worst 3 sectors

energy, banks, utilities

INTEREST RATE

The 10yr Bund yield fell 1bp to -0.44% (below its 20D MA). The 2yr-10yr yield spread rose 1bp to -22bps (above its 20D MA).

ECONOMIC DATA

FR 07:45: May Industrial Production MoM, exp.: -20.1%

FR 09:00: IEA Oil Market Report

MORNING TRADING

In Asian trading hours, EUR/USD fell further to 1.1271 and GBP/USD slid to 1.2586. USD/JPY slipped to 107.09. This morning, official data showed that Japan's PPI dropped 1.6% on year in June (-2.0% expected).

Spot gold remained subdued at $1,802 an oz .

#UK - IRELAND#

Great Portland Estates, a property developer, released a trading update for the quarter to June 30: "69% of June rent collected so far including amounts covered by rent deposits; 82% of March rent now collected including drawn deposits; (...) £4.3 million of latest rent signed in quarter. Market lettings 4.4% before March 2020 ERV."

RSA Insurance Group, a general insurance firm , was downgraded to "hold" from "buy" at HSBC.

#GERMANY - AUSTRIA#

GEA Group, a food processing technology company, was downgraded to "neutral" from "buy" at Goldman Sachs.

#BENELUX#

ING Groep, a financial group, plans to shut 42 branch offices out of a complete of 170 in Netherlands, consistent with Dutch newspaper Telegraaf. From a chartist point of view, the share consolidates during a bearish channel and is trying to push below the key overlap at 6 euros. Moreover, the RSI is capped since june by a declining line . Below 5.4 euros look towards the horizontal support at 4.5 euros and three .5 euros in extension.

#SWITZERLAND#

EMS Chemie, a speciality chemicals group, reported that 1H EBIT declined 27.6% on year to 229 million Swiss franc on income of 849 million Swiss franc, down 26.4% (-21.6% organic growth). the corporate said: "Based on the extraordinary market slump, EMS continues to expect net operating income (EBIT) for 2020 to be below previous year."