INDICES
Friday, European stocks were mixed, with the Stoxx Europe 600 Index ending flat. Germany’s DAX 30 edged up less than 0.1%, the U.K.’s FTSE 100 dropped 0.4%, while France’s CAC 40 was little changed.

EUROPE ADVANCE/DECLINE
45% of STOXX 600 constituents traded lower or unchanged Friday.
63% of the shares trade above their 20D MA vs 60% Thursday (below the 20D moving average).
26% of the shares trade above their 200D MA vs 25% Thursday (above the 20D moving average).

The Euro Stoxx 50 Volatility index eased 0.9pt to 31.42, a new 52w high.

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SECTORS vs STOXX 600
3mths relative high: none
3mths relative low: none

Europe Best 3 sectors
media, travel & leisure, real estate

Europe worst 3 sectors
banks, energy, food & beverage

INTEREST RATE
ThThe 10yr Bund yield fell 3bps to -0.5% (above its 20D MA). The 2yr-10yr yield spread rose 0bp to -19bps (above its 20D MA).

ECONOMIC DATA
GE 07:00: Q1 GDP Growth Rate QoQ final, exp.: -0.1%
GE 07:00: Q1 GDP Growth Rate YoY final, exp.: 0.4%
GE 09:00: May Ifo expectations, exp.: 69.4
GE 09:00: May Ifo Current Conditions, exp.: 79.5
GE 09:00: May Ifo Business Climate, exp.: 74.3
FR 14:00: 6-Mth BTF auction
FR 14:00: 12-Mth BTF auction
FR 14:00: 3-Mth BTF auction

MORNING TRADING
In In Asian trading hours, EUR/USD fell to 1.0894 while GBP/USD rebounded to 1.2180. USD/JPY edged up to 107.68.

Spot gold dropped to $1,728 an ounce.

#GERMANY#
Deutsche Lufthansa’s, an airline company: 9 billion euros government bailout plan slowed, amid ongoing discussions to ensure swift European Union approval, reported Bloomberg citing people familiar with the matter.

#FRANCE#
Sanofi, a pharmaceutical company, and Regeneron Pharmaceuticals announced that their Dupixent (dupilumab) eosinophilic esophagitis phase 3 trial meets both co-primary endpoints. From a chartist point of view, following a sharp pullback, the bullish dynamic, triggered by the consolidation wedge shaped between August 2015 and September 2019 has resumed. Furthermore, an ascending trend line born in 2008 is also in support. Target 100.

#SWITZERLAND#
Kuehne + Nagel, a transport and logistics company, will possibly have 20% to 25% less employees after the coronavirus pandemic, according to the company’s major shareholder Klaus-Michael Kuehne cited by German newspaper Die Welt.

EX-DIVIDEND
Crédit Agricole: E0.7

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DISCLAIMER: The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase of sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

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