European Shares Mixed As UK GDP Stagnates

RTTNews | 40 days ago

(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.

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.

RTTNews | 4h 16min 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.

RTTNews | 5h 24min ago

New Zealand Trade Data Due On Tuesday

New Zealand will on Tuesday release September figures for imports, exports and trade balance, highlighting a light day for Asia-Pacific economic activity.

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ECB's Kazimir Says All Options Remain On Table For December

The European Central Bank could have waited till December to lower interest rates, but the economic data since the September policy session signaled a shift in risks to inflation to the downside, and thus policymakers opted for a rate cut this month, Governing Council member Peter Kazimir said on Monday.

RTTNews | 6h 22min ago