With the US’ S&P moving through and holding above the 2800 level European indices worked higher in the afternoon. As the Pound worked higher ahead of the No-deal Brexit vote the UK equity market gave up a some earlier gains. The balance of markets saw light gains as well with all but the Personal Goods and Utility sectors up. Gains there were fairly impressive with Energy up 1.64% as the US’ DOE reading showed a surprising draw in inventories. Basic Resources moved up 1.08% with Chemicals also up over a percent.
Post headlines noting they are considering selling their wine business Pernod Ricard +.3% leapt from lower levels to close slightly up on the session. The stock is at a 26 year high with the possible sell allowing them to focus on higher margin business.
Retailer Clas Ohlson fell 11% after noting it sees FY operating margins light at +3% vs the prior view of +4-6%. They point to higher supply chain expenses along with marketing costs. Their FY view coupled with recent performance in the 3Q equates to a larger-than-expected 4Q loss.
From ealier: Adidas -2.4%, Inditex -4.5%, and Balfour Beatty -.2%.
As noted earlier economic releases are fairly heavy tonight in China with Industrial Production, Retail Sales, and FDI expected. Consumer inflation is expected Down Under followed by German and French consumer inflation.