European indices top-ticked at the open of the US markets, giving up small gains into the close.  Germany led on the day with strong gains in Autos and Pharmas.  Apart from Construction all sectors finished to the upside with Autos up 2.41% on the day.  Basic Resources, Retailers, and Industrials gained over a percent.

On the SXXP 448 members of the 600 were up on the day with volume a disappointing 18% lower.  On the Brexit front, the EU’s head negotiator said any extension to the divorce need to be linked to something new.  He added that plans to be in place for a no-deal Brexit.  PM May noted any delay should be as short as possible adding a general election is not in the best interest nationally.

Earlier this morning TTN reported the ECB may have to consider stocks if they enact further QE due to lack of bonds. However, a sharp deterioration in the economy would have to occur with a real recession noted. Concerning TLTR ops they do not see any action before December.

Bucking the strength in retail, Asos fell over 7% on the day in quite an eventful session of trading.  Initially the name was off 12% before rallying to flat a couple of hours in.  From there it fell again but managed to finish off of lows.  2Q sales disappointed with growth not as expected. The firm though still sees sales growth of 15% this year.   Last November the firm pared its FY sales guidance to the 15% level from the 20-25% range.

From earlier: Peugeot +2.7%, Fiat Chrysler +5%, Porsche +4%, VW +1.7%, Ocado +5.4%, Swatch +3.1%, Richemont +1.7%, Norsk Hydro -.7%. 

Producer price moves for February are due in Korea tonight along with the Westpac Leading Index in Australia. Inflation readings are due from the UK with PPI out in Germany.