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%.

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 | 5h 9min 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 | 5h 39min ago

Malaysia Stock Market Poised To Open To The Upside On Tuesday

The Malaysia stock market on Monday snapped the two-day slide in which it had slumped almost 20 points or 1.2 percent. The Kuala Lumpur Composite Index now sits just above the 1,600-point plateau and it's tipped to open in the green 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 KLCI finished modestly higher on Monday following gains from the telecoms and plantations, while the financial and industrial sectors were mixed. For the day, the index improved 11.60 points or 0.73 percent to finish at 1,604.04 after trading between 1,591.49 and 1,605.41. Among the actives, Axiata rallied 1.34 percent, while Celcomdigi strengthened 1.20 percent, CIMB Group was up 0.24 percent, Genting gained 0.53 percent, Genting Malaysia jumped 1.42 percent, IHH Healthcare eased 0.14 percent, IOI Corporation accelerated 1.53 percent, Kuala Lumpur Kepong gathered 0.46 percent, Maxis surged 3.78 percent, Maybank dipped 0.19 percent, MISC sank 0.66 percent, MRDIY added 0.55 percent, Nestle Malaysia slid 0.20 percent, Petronas Chemicals fell 0.22 percent, PPB Group dropped 0.70 percent, Press Metal skyrocketed 6.59 percent, Public Bank collected 0.67 percent, QL Resources improved 0.84 percent, RHB Bank rose 0.47 percent, Sime Darby perked 0.45 percent, SD Guthrie soared 2.29 percent, Sunway spiked 1.72 percent, Telekom Malaysia increased 0.48 percent, Tenaga Nasional climbed 1.13 percent, YTL Corporation shed 0.51 percent and YTL Power was unchanged. The lead from Wall Street suggests mild upside as the major averages opened on opposite sides of the line on Monday and maintained a fairly narrow trading range before ending mixed.

RTTNews | 6h 9min ago

South Korea Shares May Add To Their Winnings On Tuesday

The South Korea stock market has finished higher in two of three trading days since the end of the four-day losing streak in which it had plunged almost 250 points or 5.8 percent. The KOSPI now sits just beneath the 2,470-point plateau and it may tick higher again on Tuesday.

RTTNews | 6h 39min ago

Energy, Mining Stocks Lift TSX

The Canadian market closed on a firm note on Monday, lifted by gains in energy and materials stocks as commodity prices climbed higher amid an escalation in the Russia - Ukraine war.

RTTNews | 6h 42min ago

RBA Minutes On Tap For Tuesday

The Reserve Bank of Australia will on Tuesday release the minutes from its November 5 monetary policy meeting, highlighting a light day for Asia-Pacific economic activity.

RTTNews | 7h 9min ago

Dollar Slips Against Major Counterparts

The U.S. dollar drifted lower on Monday as bond yields fell, and the Euro gained in strength after European Central Bank Governing Council member Nagel said central banks may have to raise rates in the event of inflationary pressures rise.

RTTNews | 7h 29min ago

Canadian Market Modestly Higher, Looks Headed For Positive Close

The Canadian market is up in positive territory Monday afternoon with energy and materials shares recording strong gains thanks to higher commodity prices. The mood remains a bit cautious amid concerns about geopolitical tensions, and uncertainty about the Federal Reserve's monetary policy moves.

RTTNews | 9h 45min ago

EURUSD	1.059	GBPUSD	1.26719	AUDUSD	0.64994
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