European Stocks Mixed; Luxury Good Shares Plunges

Frankfurt (Sept 14)  European markets opened up on Wednesday as European Commission President Jean-Claude Juncker gave his first ever "State of the Union" for the European Union.

Juncker said that relations with the U.K. must remain friendly and that the EU was not at risk from the U.K.'s vote to leave the EU.

He once again took the opportunity to trigger exit negotiations as soon as possible, but said, "There can be no a la carte access to the single market."

U.S. futures were steady with Dow Jones Industrial Average mini futures were up 0.06% and the S&P 500 mini futures were up 0.07%.

Oil was up in morning trading after yesterday's sell off and ahead of today's inventory report. The West Texas Intermediate was recently 0.85% at $45.28 and Brent Crude gained 0.59% to $47.38 a barrel.

A sell-off of government bonds is putting pressure on the market, with U.K. and German government bond yields hitting three-month highs. The 10-year Bund yield was up as much as 3 basis points at 0.08% and the 10-year gilt yield climbed 1.2 basis point to 0.93%. Bond markets are wary of next week's Federal Reserve and Bank of Japan meetings.

In London, the FTSE 100 was recently up 0.19% at 6,679.03.

The London benchmark index was being pulled up by miners as commodity prices advanced. Glencore (GLNCY) was up at 2.12%, Anglo American (NGLOY) was up 1.38% and Rangold (GOLD) gained 1.09%.

Luxury goods maker Hermes (HESAY) today plunged more than 7% in early trading after dropping its mid-term annual sales target. The Paris-based company today said that it is no longer forecasting revenue growth of about 8% but was instead has "an ambitious goal" for growth.

Source: The Street