CAPIS Capital Institutional Services : TGIF EU Close 1/26/2018

Following our morning note, Europe spent most of the session trading in a tight range ahead by half a percent or so. All of the major indices except Spain's IBEX advanced. Spain was limited by Repsol -1.3% (downgraded at BBVA to market perform) and utilities. France led thanks to the LVMH +4.9% results and read across for peers Kering +2.6% & Christian Dior +4.6%. Across the region, all of the major sectors except energy fared well. Consumer discretionary (LVMH again), real estate and healthcare each gained c. 1.0%.

Atlas Copco -0.9% was a laggard but pared losses into the close. Clayton's favorite compressor maker disappointed with its outlook and noted currency headwinds.

Conversely, Telenor +0.6% pared gains into the close. The company disclosed it has received interest in some of its Eastern European and Balkan assets.

AstraZeneca +1.9% released positive Phase III data. A COPD treatment reached of 8 of the 9 goals in the study.

The steel sector was active in response to an upbeat note by JP Morgan. The broker named ArcelorMittal +0.9% as top pick while downgrading Salzgitter -0.4% to neutral.

The other names we highlighted this morning have last traded as follows : Wal-mart +0.5%, Amazon +1.3%, Alibaba +2.8%, Burberry +0.6%, Givaudan -1.7%, Cloetta +8.7% and MayAir Group +23.4%.

The USD pared yesterday's gains following yesterday's 'Trump Bump.' Cryptocurrencies saw Japan's Coincheck exchange halt withdrawals. This was due to c. $400m worth of NEM being 'inappropriately transferred.' Rut-row!

Coming up this weekend and Monday: NAFTA talks will continue this weekend. Watch for headlines of potential Chinese constitutional changes. The PNC's Standing Committee will be conducting a two day meeting on the matter. Earnings due include Siemens Gamesa, HDFC, and SAP.

Have a great weekend!

	Event		Survey	Actual	Prior	Revised
SK	Department Store Sales YoY	Dec	-	-	8.50%	-
SK	Discount Store Sales YoY	Dec	-	-	0.00%	-
GE	Import Price Index MoM	Dec	0.20%	-	0.80%	-
GE	Import Price Index YoY	Dec	1.10%	-	2.70%	-
SP	Retail Sales YoY	Dec	-	-	2.90%	-
SP	Retail Sales SA YoY	Dec	2.20%	-	2.00%	-
IT	PPI MoM	Dec	-	-	0.40%	-
IT	PPI YoY	Dec	-	-	2.80%	-
US	Personal Income	Dec	0.30%	-	0.30%	-
US	Personal Spending	Dec	0.40%	-	0.60%	-
US	Real Personal Spending	Dec	-	-	0.40%	-
US	PCE Deflator MoM	Dec	0.10%	-	0.20%	-
US	PCE Deflator YoY	Dec	1.70%	-	1.80%	-
US	PCE Core MoM	Dec	0.20%	-	0.10%	-
US	PCE Core YoY	Dec	1.60%	-	1.50%	-
CA	Bloomberg Nanos Confidence	26-Jan	-	-	60	-
US	Dallas Fed Manf. Activity	Jan	25.3	-	29.7	-