CAPIS Capital Institutional Services : EU Close – 1/11/2017

After a lower open European markets finished the session higher despite a pullback late in the session. The Stoxx600 advanced +.23% with basic resources +1.41% and autos +1.33% leading most of the sectors higher. Despite the 4.1m barrel increase in crude inventories, according to EIA data, crude prices are rising due to Saudi Arabia cutting supply to Asia: WTI +2.85% and Brent 2.52%. Volumes are approximately 13.7% higher than 20-day average.

Engie -2.98% shares are trading lower on reports that the French government sold 4.1 percent stake in the company after initially planning a 3.7 percent stake.

After missing 2016 profit targets and canceling its final dividend Cobham -14.88% shares fell to the bottom of the Stoxx600. Cobham is a supplier to Boeing and has expressed uncertainty over the KC-46 tanker program.

Total +.56% has agreed to a $900m asset transfer deal with Tullow Oil -1.58% where the latter transferred approx. 22% of interest in several exploration assets in Uganda. In unrelated news, Total restarted operations in Texas refinery that was shut down following a malfunction.

Names mentioned this morning : Peugeot +3.38%, VW +2.74%, Sainsbury +1.00%, Ted Baker +5.10%

Eco Thursday: US Initial/Continuing Jobless Claims, US Import Price Index, Japan Current Account Balance, India CPI and Industrial Production, Spain Industrial production, UK Trade Balance, UK Manufacturing and Industrial Production, Greece CPI, and more…