European Stocks Close Higher Again On Earnings, Rate Cut Hopes

RTTNews | 194 days ago

(RTTNews) - European stocks closed higher on Wednesday, turned in another positive performance after recent gains amid rising optimism about interest rate cuts by central banks in the second or third quarter of this year. Fairly encouraging batch of corporate earnings updates too helped underpin sentiment.

The pan European Stoxx 600 gained 0.34%. The U.K.'s FTSE 100 climbed 0.49%, Germany's DAX ended 0.37% up, and France's CAC 40 advanced 0.69%, while Switzerland's SMI surged 0.78%.

Among other markets in Europe, Belgium, Denmark, Greece, Ireland, Norway, Poland, Portugal, Russia and Spain ended higher. Finland edged up marginally.

Austria, Iceland, Sweden and Turkiye closed weak. Netherlands ended flat.

In the UK market, IAG climbed about 3.75%. Beazley, EasyJet, RS Group, Rolls-Royce Holdings, Melrose Industries, IMI, Prudential, and Centrica gained 2 to 3.1%.

Informa gained more than 2%. The publishing and exhibitions company has lifted its share buyback program by 50 percent after a strong start to 2024.

Diageo, Marks & Spencer, Diploma, Smiths Group, Pearson, Natwest Group and Schrodders also ended sharply higher.

Shares of drug maker AstraZeneca gained 1.2% after the company said it has initiated a process to withdraw its Vaxzevria COVID-19 vaccine worldwide, citing weak demand and the surplus availability of new vaccines.

Ocado Group dropped nearly 4%. Phoenix Group Holdings, JD Sports Fashion, ICG, Glencore and Rio Tinto lost 1 to 2%.

In the German market, Siemens Energy soared 12.5% after the power equipment maker raised its 2024 guidance after posting strong quarterly results.

Shares of sportswear maker Puma surged nearly 11% after the company's first-quarter sales met expectations. Henkel gained about 3% after raising its sales and earnings outlook for 2024.

Fresenius Medical Care, Munic RE, MTU Aero Engines, SAP and Fresenius also ended notably higher.

Zalando ended lower by about 5%. Porsche, BMW and Continental lost 2.7 to 4.3%. Sartorius, Vonovia, Mercedes-Benz, Covestro, Daimler Truck Holding, Infineon and BASF ended down 1 to 1.5%.

In the French market, Alstom rallied more than 5%. The 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.

STMicroElectronics, Carrefour, Schneider Electric, Safran, Saint Gobain, Eurofins Scientific, Capgemini, Legrand, AXA, Thales, Airbus Group, Publicis Groupe, Pernod Ricard, Bouygues, Sanofi, Vinci and Danone gained 1 to 2%.

Veolia, ArcelorMittal and Stellantis ended notably lower.

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

German industrial production declined 0.4% on a monthly basis, in contrast to the 1.7% 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% fall.

Meanwhile, Sweden's central bank lowered its policy rate for the first time in eight years and signaled another two more rate reductions during the second half of the year as inflation approaches the target of around 2% amid the weak economic activity.

The executive board of the Riksbank, led by Governor Erik Thedeen, decided to lower the policy rate by 25 basis points to 3.75%.

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.

RTTNews | 5h 11min ago

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.

RTTNews | 5h 43min ago

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.

RTTNews | 6h 13min ago

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.

RTTNews | 6h 27min ago

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.

RTTNews | 6h 28min ago

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.

RTTNews | 6h 43min ago

Taiwan Shares May Bounce Higher Again On Tuesday

The Taiwan stock market turned lower again on Monday, one session after ending the four-day losing streak in which it had tumbled almost 850 points or 3.6 percent. The Taiwan Stock Exchange now rests just beneath the 22,550-point plateau and it may see additional support on Tuesday.

RTTNews | 7h 13min ago

Rebound Anticipated For Singapore Stock Market

The Singapore stock market on Monday ended the three-day winning streak in which it had collected more than 30 points or 0.8 percent. The Straits Times Index now sits just above the 3,730-point plateau although it's likely to bounce higher 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 STI finished modestly lower on Monday following mixed performances from the financial shares, property stocks and industrial issues. For the day, the index lost 12.15 points or 0.32 percent to finish at 3,732.55 after trading between 3,727.94 and 3,754.82. Among the actives, CapitaLand Integrated Commercial Trust skidded 1.01 percent, while CapitaLand Investment advanced 0.72 percent, City Developments added 0.39 percent, DBS Group retreated 1.26 percent, DFI Retail surged 3.42 percent, Hongkong Land tanked 2.14 percent, Keppel DC REIT sank 0.45 percent, Keppel Ltd rose 0.30 percent, Mapletree Pan Asia Commercial Trust, Mapletree Industrial Trust rallied 0.81 percent, SATS plunged 2.60 percent, Seatrium Limited declined 1.08 percent, SembCorp Industries tumbled 1.37 percent, Singapore Technologies Engineering plummeted 5.52 percent, SingTel dropped 0.63 percent, Thai Beverage jumped 0.97 percent, Wilmar International spiked 1.31 percent, Yangzijiang Shipbuilding slumped 0.79 percent and Emperador, Genting Singapore, Yangzijiang Financial, Frasers Logistics & Commercial Trust, Oversea-Chinese Banking Corporation, Frasers Centrepoint Trust, Mapletree Logistics Trust and Comfort DelGro were unchanged.

RTTNews | 7h 43min ago

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