After spending much of the day working back to yesterday’s lows, European indices blew through those levels post the US open. Weakness in the US exacerbated selling with most indices down over a percent. Unfortunately volume ticked up over 25% on the Stoxx 600 with 453 names down on the day. On the sector front Utilities managed gains with the balance of sectors lower. Energy, Banks, and Chemicals fell over 2%.
The FTSE 100 violated both its 400 and 50 day with the DAX also through the 400 day. While lower the CAC40 ended right at the 50 day with a sizable loss on the Stockholm 30 today as it fell 1.9% and closed at its 50 day as well.
Infineon -3% weighed in the tech space as they see 3Q sales flat. Their Digital Security unit revenue is seen falling by mid-single digit %’s with Power Mgmt also a bit weaker.
Hitting the chemical space, Solvay slipped 6.7% despite better 1Q earnings. 1Q polymer volumes though were off 10% as semiconductor investment demand fell.
Online furniture seller Westwing Group fell 18% after paring revenue growth forecasts. EBITDA is seen as being flat which further weighed.
Tonight, China releases trade data with their Trade Surplus expected to bump up to $34B. Imports are seen as slowing their pullback with Exports expected to slow as well. Japanese Svc PMI is expected. Retail sales and home price data is due tonight in the UK.