European Shares Gain As Investors Ponder US Rate Cut Prospects

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(RTTNews) - European stocks edged higher on Wednesday as investors continued to assess the prospects for interest- rate cuts following last week's weaker-than-expected U.S. jobs report.

It seems that markets have shrugged off comments from Federal Reserve Bank of Minneapolis President Neel Kashkari, who said Tuesday that rates will likely stay high for an "extending period" and that he will support a hike if inflation stalls near 3 percent.

In economic releases, Destatis reported earlier today that Germany's industrial production dropped in March on weak consumer and intermediate goods output.

German industrial production declined 0.4 percent on a monthly basis, in contrast to the 1.7 percent increase in February.

This was the first drop so far this year and the pace of decline was less severe than the expected 0.6 percent fall.

The pan European STOXX 600 was up 0.4 percent at 515.92 after rallying 1.1 percent on Tuesday.

The German DAX climbed 0.6 percent, France's CAC 40 rallied 0.9 percent and the U.K.'s FTSE 100 was up 0.4 percent. The British pound slipped before the Bank of England's policy announcement on Thursday.

There's little expectation of an immediate cut, but investors are looking for a clearer signal on whether the central bank plans to start cutting interest in the summer.

In corporate news, Netherlands-headquartered Supermarket group Ahold Delhaize rallied 3.3 percent after beating Q1 core profit margin expectations.

Swedish builder Skanska slumped 5.5 percent after first-quarter operating earnings came in below estimates.

AstraZeneca rallied 1.6 percent. The drug maker said it has initiated a process to withdraw its Vaxzevria COVID-19 vaccine worldwide, citing weak demand and the surplus availability of new vaccines.

Oil & gas giant BP Plc fell over 2 percent, a day after reporting a 45 percent drop in Q1 earnings.

Real estate investment trust Workspace Group declined 1.7 percent after appointing Lawrence Hutchings as its CEO designate.

Informa jumped 2.3 percent. The publishing and exhibitions company has lifted its share buyback program by 50 percent after a strong start to 2024.

Lender HSBC Holdings gained more than 1 percent as it announced the anticipated launch of four separate offers to purchase for cash any and all of the four series of notes.

Alstom SA shares surged 3.4 percent in Paris. The French manufacturer of infrastructures for rail transport sector said it is planning a capital increase of about €1 billion ($1.1 billion) to shore up its finances.

Siemens Energy soared nearly 13 percent. The German power equipment maker raised its 2024 guidance after posting strong quarterly results.

Sportswear maker Puma rallied 3.4 percent after Q1 sales met expectations.

Consumer goods giant Henkel jumped 2.1 percent after raising its sales and earnings outlook for 2024.

Automaker BMW fell more than 3 percent after it forecast a slight drop in pre-tax profit this year.

Asian Markets Trade Mostly Higher

Asian stock markets are trading mostly higher on Tuesday, following the mixed cues from Wall Street overnight, as traders picked up some stocks at a bargain after the recent weakness in the markets amid concerns about the outlook for interest rates. Strong gains in mining and energy stocks also boosted the markets amid climbing commodity prices. Asian markets closed mixed on Monday.

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Indian Shares Seen Opening Slightly Higher

Indian shares may open higher Tuesday morning, tracking cues from Wall Street where stocks saw some upside overnight thanks to bargain hunting following the steep drop seen last week. Slightly higher Gift Nifty futures also point to a positive start for the Indian market.

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Japanese Market Notably Higher

The Japanese stock market is trading notably higher on Tuesday, reversing the losses in the previous session, with the Nikkei 225 moving above the 38,400 level, following the mixed cues from Wall Street overnight, with gains across most sectors led by automakers, exporters and financial stocks.

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Higher Open Anticipated For Thai Stock Market

The Thai stock market on Monday ended the two-day losing streak in which it had slumped almost 10 points or 0.8 percent. The Stock Exchange of Thailand now sits just above the 1,450-point plateau and it's got a positive lead again for Tuesday's trade. The global forecast for the Asian markets is cautiously optimistic, with technology and oil stocks expected to lead the way higher. The European and U.S. markets were mostly higher and the Asian bourses are also likely to open to the upside.

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Indonesia Stock Market Due For Support On Tuesday

The Indonesia stock market has finished lower in four straight sessions, shedding almost 190 points or 2.5 percent along the way. The Jakarta Composite Index now rests just beneath the 7,135-point plateau although it may stop the bleeding on Tuesday. The global forecast for the Asian markets is cautiously optimistic, with technology and oil stocks expected to lead the way higher. The European and U.S. markets were mostly higher and the Asian bourses are also likely to open to the upside. The JCI finished modestly lower on Monday following losses from the financial shares and mixed performances from the cement and resource companies. For the day, the index shed 26.98 points or 0.38 percent to finish at 7,134.28 after trading between 7,118.87 and 7,174.75. Among the actives, Bank CIMB Niaga sank 0.84 percent, while Bank Mandiri fell 0.39 percent, Bank Danamon Indonesia shed 0.40 percent, Bank Negara Indonesia declined 0.81 percent, Bank Central Asia tumbled 1.72 percent, Bank Rakyat Indonesia tanked 2.68 percent, Indosat Ooredoo Hutchison dropped 0.88 percent, Indocement lost 0.72 percent, Semen Indonesia rose 0.28 percent, United Tractors surrendered 2.64 percent, Astra International dipped 0.20 percent, Energi Mega Persada rallied 3.15 percent, Astra Agro Lestari stumbled 2.70 percent, Aneka Tambang slid 0.36 percent, Jasa Marga slumped 0.44 percent, Vale Indonesia plunged 3.40 percent, Timah retreated 0.76 percent, Bumi Resources surged 2.68 percent and Bank Maybank Indonesia and Indofood Sukses Makmur were unchanged.

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Australian Market Significantly Higher

Adding to the gains in the previous three sessions, the Australian stock market is trading significantly higher on Tuesday, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving well above the 8,300 level, with gains across most sectors led by energy and mining stocks amid upbeat commodity prices.

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Hong Kong Stock Market May Extend Monday's Gains

The Hong Kong stock market on Monday snapped the six-day losing streak in which it had plummeted more than 1,610 points or 7.6 percent. The Hang Seng Index now sits just above the 19,575-point plateau and it's expected to open to the upside again on Tuesday. The global forecast for the Asian markets is cautiously optimistic, with technology and oil stocks expected to lead the way higher. The European and U.S. markets were mostly higher and the Asian bourses are also likely to open to the upside. The Hang Seng finished modestly higher on Monday following gains from the financial shares and entertainment stocks, while the property and technology companies were mixed. For the day, the index advanced 150.27 points or 0.77 percent to finish at 19,576.61 after trading between 19,470.43 and 19,781.08. Among the actives, Alibaba Group slumped 1.03 percent, while Alibaba Health Info slid 0.26 percent, ANTA Sports fell 0.31 percent, China Life Insurance collected 1.30 percent, China Mengniu Dairy dropped 0.83 percent, China Resources Land advanced 1.06 percent, CITIC rallied 1.37 percent, CNOOC climbed 1.31 percent, CSPC Pharmaceutical and Techtronic Industries both dipped 0.19 percent, Galaxy Entertainment added 0.31 percent, Haier Smart Home plummeted 3.04 percent, Hang Lung Properties sank 0.47 percent, Henderson Land retreated 1.20 percent, Hong Kong & China Gas skidded 1.00 percent, Industrial and Commercial Bank of China soared 3.04 percent, JD.com surged 3.62 percent, Lenovo plunged 2.07 percent, Li Auto improved 0.74 percent, Li Ning shed 0.37 percent, Meituan lost 0.35 percent, New World Development tumbled 1.52 percent, Nongfu Spring jumped 1.94 percent, Xiaomi Corporation spiked 2.86 percent and WuXi Biologics declined 1.07 percent.

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China Bourse May Halt Losing Streak On Tuesday

The China stock market has finished lower in three straight sessions, slumping almost 120 points or 3.7 percent along the way. The Shanghai Composite now sits just beneath the 3,325-point plateau although it's due for support on Tuesday. The global forecast for the Asian markets is cautiously optimistic, with technology and oil stocks expected to lead the way higher. The European and U.S. markets were mostly higher and the Asian bourses are also likely to open to the upside. The SCI finished slightly lower on Monday as losses from the resource stocks were mitigated by support from the financial shares and properties. For the day, the index slipped 6.88 points or 0.,21 percent to finish at 3,323.85 after trading between 3,309.01 and 3,386.90. The Shenzhen Composite Index stumbled 43.83 points or 2.18 percent to end at 1,966.78. Among the actives, Industrial and Commercial Bank of China accelerated 2.31 percent, while Bank of China spiked 2.88 percent, China Construction Bank climbed 1.01 percent, China Merchants Bank rose 0.21 percent, Agricultural Bank of China collected 2.13 percent, China Life Insurance was up 0.09 percent, Jiangxi Copper fell 0.23 percent, Aluminum Corp of China (Chalco) tumbled 2.26 percent, Yankuang Energy improved 0.58 percent, PetroChina and China Vanke both strengthened 1.49 percent, China Petroleum and Chemical (Sinopec) gained 0.63 percent, Huaneng Power rallied 1.40 percent, China Shenhua Energy soared 3.21 percent, Gemdale jumped 1.90 percent and Poly Developments added 0.69 percent.

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EURUSD	1.05922	GBPUSD	1.26796	AUDUSD	0.65163
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