European Shares Mixed As UK GDP Stagnates
(RTTNews) - European stocks were mixed on Wednesday ahead of U.S. consumer inflation data due later in the day which could shed light on the size of a widely expected rate cut by the Federal Reserve at next week's policy meeting.
Focus was also on the European Central Bank (ECB), which is likely to reduce its own borrowing costs for the second time this year on Thursday.
The pan European STOXX 600 edged up 0.2 percent to 509.01 after falling half a percent on Tuesday.
The German DAX and France's CAC both were up around 0.2 percent while the U.K.'s FTSE 100 slipped 0.2 percent.
The British pound ticked lower after official data showed the U.K. economy unexpectedly stagnated in July.
Real gross domestic product showed nil growth for the second straight month as falls in production and construction was offset by an increase in services output, the Office for National Statistics reported. GDP was forecast to grow 0.2 percent.
In the three months to July, GDP advanced 0.5 percent with strong contribution from services output.
Santander Bank Polska plunged 8.2 percent after parent Banco Santander sold a 5.2 percent stake in its Polish unit.
Energy giant BP Plc rose about 1 percent and Shell added 0.8 percent as oil prices climbed over 1 percent after falling to a 33-month low the previous day on demand concerns.
Online property website Rightmove gained half a percent after rejecting an initial cash and shares bid from Australia's REA Group.
Sustainable energy company Ricardo fell nearly 2 percent despite announcing profitable growth in FY2023/24.
GSK dropped nearly 1 percent. The drug maker said its experimental herpes simplex virus (HSV) vaccine candidate failed to meet the main goal of a mid-stage trial.
Pest-control giant Rentokil Initial plummeted 18 percent after a profit warning.
Commerzbank shares jumped 15 percent after Italian lender UniCredit took a 9 percent shareholding in the German bank and said it will seek approval to potentially buy more.
Automaker BMW rose slightly despite downgrading its 2024 outlook.
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Indonesia Stock Market Due For Consolidation On Tuesday
The Indonesia stock market has tracked higher in seven straight sessions, climbing more than 285 points or 3.9 percent along the way. The Jakarta Composite Index now rests just above the 7,770-point plateau although investors figure to lock in gains on Tuesday.
The global forecast for the Asian markets is negative with profit taking likely for many of the regions. The European and U.S. markets were mostly lower and the Asian bourses figure to follow that lead.
The JCI finished slightly higher on Monday following mixed performances from the financial shares and resource stocks.
For the day, the index added 12.54 points or 0.16 percent to finish at 7,772.60 after trading between 7,739.89 and 7,795.09.
Among the actives, Bank CIMB Niaga dipped 0.26 percent, while Bank Mandiri collected 0.35 percent, Bank Danamon Indonesia rose 0.38 percent, Bank Negara Indonesia fell 0.44 percent, Bank Central Asia shed 0.70 percent, Bank Rakyat Indonesia added 0.40 percent, Bank Maybank Indonesia advanced 0.88 percent, Indosat Ooredoo Hutchison improved 0.82 percent, Indocement tumbled 1.92 percent, Semen Indonesia stumbled 2.43 percent, Indofood Sukses Makmur slid 0.34 percent, Astra International soared 3.66 percent, Energi Mega Persada spiked 3.45 percent, Astra Agro Lestari sank 0.74 percent, Aneka Tambang surged 4.00 percent, Vale Indonesia rallied 3.16 percent, Timah jumped 1.87 percent, Bumi Resources dropped 0.72 percent and United Tractors and Jasa Marga were unchanged.
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4h 8min ago
Hong Kong Shares Tipped To Open In The Red
The Hong Kong stock market headed south again on Monday, one session after halting the four-day losing streak in which it had stumbled almost 1,100 points or 5.2 percent. The Hang Seng Index now sits just above the 20,475-point plateau and it's looking at another soft start again on Tuesday.
The global forecast for the Asian markets is negative with profit taking likely for many of the regions. The European and U.S. markets were mostly lower and the Asian bourses figure to follow that lead.
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4h 23min ago
Soft Start Predicted For China Stock Market
The China stock market has finished higher in back-to-back sessions, gathering almost 100 points or 3 percent along the way. The Shanghai Composite now sits just beneath the 3,270-point plateau although it may open under pressure on Tuesday.
The global forecast for the Asian markets is negative with profit taking likely for many of the regions. The European and U.S. markets were mostly lower and the Asian bourses figure to follow that lead.
The SCI finished slightly higher on Monday following mixed performances from the property stocks and resource companies, while the financials and oil companies were down.
For the day, the index rose 6.55 points or 0.20 percent to finish at 3,268.11 after trading between 3,239.10 and 3,300.66. The Shenzhen Composite Index jumped 30.10 points or 1.58 percent to end at 1,936.97.
Among the actives, Industrial and Commercial Bank of China tanked 2.53 percent, while Bank of China declined 1.98 percent, China Construction Bank dropped 1.93 percent, China Merchants Bank lost 0.51 percent, Agricultural Bank of China stumbled 2.42 percent, China Life Insurance rose 0.21 percent, Jiangxi Copper jumped 1.90 percent, Aluminum Corp of China (Chalco) rallied 2.46 percent, Yankuang Energy strengthened 1.83 percent, PetroChina sank 0.94 percent, China Petroleum and Chemical (Sinopec) fell 0.30 percent, Huaneng Power shed 0.57 percent, China Shenhua Energy retreated 1.57 percent, Gemdale soared 2.43 percent, Poly Developments spiked 2.77 percent and China Vanke tumbled 1.92 percent.
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4h 38min ago
Rally May Stall For Taiwan Stock Market
The Taiwan stock market has climbed higher in three straight sessions, advancing more than 530 points or 2.4 percent along the way. The Taiwan Stock Exchange now rests just above the 23,540-point plateau although it may run out of steam on Tuesday.
The global forecast for the Asian markets is negative with profit taking likely for many of the regions. The European and U.S. markets were mostly lower and the Asian bourses figure to follow that lead.
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5h 8min ago
Singapore Stock Market May Give Up Support At 3,600 Points
The Singapore stock market on Monday ended the two-day winning streak in which it had advanced almost 50 points or 1.4 percent. The Straits Times Index now sits just shy of the 3,615-point plateau and it may take further damage on Tuesday.
The global forecast for the Asian markets is negative with profit taking likely for many of the regions. The European and U.S. markets were mostly lower and the Asian bourses figure to follow that lead.
The STI finished modestly lower on Monday following losses from the industrials and financials, while the property sector was mixed.
For the day, the index sank 25.61 points or 0.70 percent to finish at 3,614.58 after trading between 3,612.02 and 3,640.28.
Among the actives, CapitaLand Integrated Commercial Trust slumped 0.94 percent, while CapitaLand Investment shed 0.67 percent, City Developments added 0.76 percent, Comfort DelGro gained 0.69 percent, DBS Group tumbled 1.36 percent, DFI Retail Group urged 2.28 percent, Emperador climbed 1.18 percent, Genting Singapore rose 0.59 percent, Hongkong Land plunged 1.99 percent, Keppel DC REIT jumped 1.33 percent, Keppel Ltd fell 0.31 percent, Mapletree Industrial Trust dropped 0.81 percent, Oversea-Chinese Banking Corporation and Yangzijiang Shipbuilding both sank 0.78 percent, Seatrium Limited lost 0.51 percent, SembCorp Industries slid 0.18 percent, Singapore Technologies Engineering plummeted 2.08 percent, SingTel stumbled 1.23 percent, Thai Beverage advanced 0.93 percent, UOL Group was up 0.18 percent, Wilmar International rallied 1.22 percent and Mapletree Pan Asia Commercial Trust, Mapletree Logistics Trust, SATS and Yangzijiang Financial were unchanged.
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5h 38min ago
Malaysia Bourse May Extend Monday's Losses
The Malaysia stock market on Monday ended the two-day winning streak in which it had picked up almost 15 points or 0.9 percent. The Kuala Lumpur Composite Index now sits just above the 1,645-point plateau and the losses may accelerate on Tuesday.
The global forecast for the Asian markets is negative with profit taking likely for many of the regions. The European and U.S. markets were mostly lower and the Asian bourses figure to follow that lead.
The KLCI finished barely lower on Monday following mixed performances from the financial shares, property stocks, industrials and telecoms.
For the day, the index eased 0.31 points or 0.02 percent to finish at 1,645.68 after trading between 1,642.52 and 1,648.05.
Among the actives, Celcomdigi slumped 0.83 percent, while CIMB Group collected 0.61 percent, Genting added 0.49 percent, IHH Healthcare perked 0.14 percent, Kuala Lumpur Kepong retreated 0.94 percent, Maxis dropped 0.54 percent, MISC increased 0.52 percent, MRDIY tumbled 1.36 percent, Nestle Malaysia tanked 1.64 percent, Petronas Chemicals jumped 1.07 percent, Petronas Dagangan rallied 2.23 percent, Petronas Gas climbed 0.91 percent, PPB Group improved 0.70 percent, Press Metal advanced 0.83 percent, RHB Bank fell 0.16 percent, Sime Darby sank 0.41 percent, SD Guthrie gained 0.21 percent, Sunway lost 0.22 percent, Telekom Malaysia rose 0.15 percent, Tenaga Nasional shed 0.27 percent, YTL Corporation plummeted 3.03 percent, YTL Power plunged 2.56 percent and Axiata, Public Bank, QL Resources, Genting Malaysia, IOI Corporation and Maybank were unchanged.
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6h 8min ago
South Korea Bourse May Hand Back Monday's Gains
The South Korea stock market on Monday snapped the three-day slide in which it had slumped almost 40 points or 1.6 percent. The KOSPI now sits just above the 2,600-point plateau although it may see renewed selling pressure on Tuesday.
The global forecast for the Asian markets is negative with profit taking likely for many of the regions. The European and U.S. markets were mostly lower and the Asian bourses figure to follow that lead.
The KOSPI finished modestly higher on Monday following gains from the chemical companies and a mixed performance from the financials and technology stocks.
For the day, the index added 11.1 points or 0.43 percent to finish at 2,604.92 after trading between 2,594.05 and 2,618.71. Volume was 235.86 million shares worth 7.6 trillion won. There were 434 gainers and 427 decliners.
Among the actives, Shinhan Financial retreated 1.24 percent, while KB Financial dropped 0.95 percent, Hana Financial skidded 1.07 percent, Samsung Electronics fell 0.34 percent, Samsung SDI rallied 1.36 percent, LG Electronics dipped 0.10 percent, SK Hynix jumped 1.92 percent, LG Chem added 0.61 percent, Lotte Chemical spiked 2.79 percent, SK Innovation accelerated 2.05 percent, POSCO shed 0.43 percent, SK Telecom perked 0.18 percent, KEPCO advanced 0.95 percent, Hyundai Mobis was down 0.20 percent, Hyundai Motor climbed 1.07 percent, Kia Motors eased 0.11 percent and Naver was unchanged.
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6h 38min ago
TSX Turns Weak After Hitting New High, Ends 0.4% Down
The Canadian market rose to a new record high Monday morning, but retreated soon and stayed weak right through the session as investors turned cautious ahead of earnings updates and some key economic events, including the Bank of Canada's monetary policy meeting due this week.
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7h 46min ago
