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European Shares Fall As Banks Plunge On SVB Contagion Fears
(RTTNews) - European stocks tumbled on Thursday as investors assessed the potential fallout from the implosions of Silicon Valley Bank and Silvergate Capital.
Traders also waited for the release of monthly U.S. jobs report later in the day that could reinforce expectations of a bigger rate hike later this month.
The pan European STOXX 600 was down 1.7 percent at 452 after declining 0.2 percent on Thursday.
The German DAX and France's CAC 40 index both plunged around 1.8 percent, while the U.K.'s FTSE 100 was down 1.7 percent.
Banks Commerzbank, Deutsche Bank, BNP Paribas, Societe Generale, Credit Agricole, Barclays, Lloyds, Standard Chartered and Natwest lost 3-7 percent after SVB Financial Group, which specializes in venture-capital financing, announced it had suffered significant losses on its portfolio.
Separately, crypto banking giant Silvergate said it planned to close as the sector faces more turmoil, raising concerns about the wider financial sector.
Berkeley Group Holdings was little changed. The British housebuilder maintained its 2023 outlook despite a slowdown in the property sector.
Sandvik AB, a Swedish engineering firm, lost about 3 percent. The company has decided to invest in a new production unit in Malaysia with an investment of SEK 350 million over the next three years.
French food retailer Casino Group fell 5.5 percent after posting a narrower loss for its fiscal year 2022.
In economic releases, Germany's consumer price inflation held steady in February, as initially estimated, the latest data from Destatis showed.
The consumer price index climbed 8.7 percent year-over-year in February, the same increase as in January. That was in line with the flash data published on March 1.
France's foreign trade deficit decreased at the start of the year as imports fell faster than exports, separate data from the customs office showed.
The trade deficit dropped to EUR 12.9 billion in January from EUR 14.7 billion in December.
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Taiwan Bourse May Hand Back Monday's Gains
The Taiwan stock market found renewed support on Monday, one session after ending the three-day winning streak in which it had jumped almost 680 points or 3.2 percent. The Taiwan Stock Exchange now sits just above the 21,790-point plateau although it may head south again on Tuesday.
The global forecast for the Asian markets is murky ahead of key upcoming talks between the United States and China. The European markets were down and the U.S. bourses were flat and the Asian markets figure to split the difference.
The TSE finished modestly higher on Monday following gains from the financial shares, technology stocks and plastics companies.
For the day, the index gained 129.63 points or 0.60 percent to finish at 21,790.29 after trading between 21,717.52 and 21,866.27.
Among the actives, Cathay Financial and CTBC Financial both collected 0.16 percent, while Mega Financial slid 0.25 percent, First Financial gained 0.55 percent, E Sun Financial improved 0.65 percent, Taiwan Semiconductor Manufacturing Company rallied 1.01 percent, United Microelectronics Corporation strengthened 1.44 percent, Hon Hai Precision climbed 0.98 percent, Largan Precision advanced 0.86 percent, Catcher Technology fell 0.24 percent, MediaTek increased 0.39 percent, Delta Electronics added 0.38 percent, Novatek Microelectronics dipped 0.20 percent, Nan Ya Plastics perked 0.17 percent, Asia Cement rose 0.24 percent and Formosa Plastics and Fubon Financial were unchanged.
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hace 25 minutos
Singapore Shares May See Profit Taking On Tuesday
The Singapore stock market has climbed higher in five straight sessions, collecting more than 40 points or 1 percent along the way. The Straits Times Index now sits just above the 3,935-point plateau although it may be due for consolidation on Tuesday.
The global forecast for the Asian markets is murky ahead of key upcoming talks between the United States and China. The European markets were down and the U.S. bourses were flat and the Asian markets figure to split the difference.
The STI finished barely higher on Monday following gains from the retailers and mixed performances from the financial shares, property stocks and industrial issues.
For the day, the index was up 2.03 points or 0.05 percent to finish at 3,936.32 after trading between 3,930.76 and 3,945.92.
Among the actives, CapitaLand Ascendas REIT and CapitaLand Investment both declined 0.39 percent, while CapitaLand Integrated Commercial Trust lost 0.47 percent, City Developments stumbled 1.14 percent, Comfort DelGro improved 0.71 percent, DBS Group advanced 0.82 percent, DFI Retail surged 5.26 percent, Hongkong Land added 0.37 percent, Keppel DC REIT fell 0.45 percent, Keppel Ltd dropped 0.70 percent, Oversea-Chinese Banking Corporation collected 0.55 percent, SATS shed 0.64 percent, SembCorp Industries retreated 0.88 percent, Singapore Technologies Engineering tumbled 1.01 percent, SingTel slumped 0.77 percent, Yangzijiang Financial sank 0.68 percent, Yangzijiang Shipbuilding was down 0.44 percent and Mapletree Pan Asia Commercial Trust, Mapletree Industrial Trust, Mapletree Logistics Trust, Genting Singapore, Thai Beverage, Wilmar International, Seatrium Limited and Frasers Logistics & Commercial Trust were unchanged.
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hace 55 minutos
Malaysia Shares Likely To Remain Rangebound
The Malaysia stock market ticked higher again on Monday, one session after snapping the two-day winning streak in which it had gained almost 15 points or 1 percent. The Kuala Lumpur Composite Index now sits just beneath the 1,520-point plateau and it's expected to remain in that neighborhood again on Tuesday.
The global forecast for the Asian markets is murky ahead of key upcoming talks between the United States and China. The European markets were down and the U.S. bourses were flat and the Asian markets figure to split the difference.
The KLCI finished slightly higher on Monday following gains from the plantation stocks and mixed performances from the financials and telecoms.
For the day, the index perked 2.62 points or 0.17 percent to finish at 1,519.41 after trading between 1,518.03 and 1,521.64.
Among the actives, 99 Speed Mart Retail rose 0.48 percent, while Axiata increased 0.50 percent, Celcomdigi shed 0.52 percent, CIMB Group advanced 0.73 percent, Gamuda stumbled 1.47 percent, Hong Leong Financial eased 0.12 percent, IHH Healthcare added 0.58 percent, IOI Corporation perked 0.27 percent, Maxis slumped 0.83 percent, Maybank dipped 0.21 percent, MISC spiked 1.32 percent, Nestle Malaysia tumbled 1.79 percent, Petronas Chemicals soared 3.08 percent, Petronas Dagangan retreated 1.71 percent, Petronas Gas fell 0.22 percent, PPB Group rallied 1.10 percent, Press Metal climbed 0.81 percent, QL Resources surged 3.66 percent, RHB Bank collected 0.16 percent, Sime Darby sank 0.56 percent, SD Guthrie gathered 0.44 percent, Sunway improved 0.62 percent, Telekom Malaysia dropped 0.61 percent, Tenaga Nasional gained 0.56 percent, YTL Corporation declined 1.46 percent, YTL Power lost 0.28 percent and Kuala Lumpur Kepong, MRDIY and Public Bank were unchanged.
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hace 1h 25min
Japan Bourse May Spin Its Wheels On Tuesday
The Japan stock market has finished higher in two straight sessions, climbing more than 530 points or 1.7 percent along the way. The Nikkei 225 now sits just beneath the 38,090-point plateau although it may be stuck in neutral on Tuesday.
The global forecast for the Asian markets is murky ahead of key upcoming talks between the United States and China. The European markets were down and the U.S. bourses were flat and the Asian markets figure to split the difference.
The Nikkei finished modestly higher on Monday following gains from the financial shares and technology stocks, while the automobile producers were mixed.
For the day, the index advanced 346.96 points or 0.92 percent to finish at 38,088.57 after trading between 38,018.22 and 38,178.01.
Among the actives, Nissan Motor retreated 1.28 percent, while Mazda Motor advanced 0.96 percent, Toyota Motor shed 0.45 percent, Honda Motor eased 0.14 percent, Softbank Group soared 4.98 percent, Mitsubishi UFJ Financial and Sumitomo Mitsui Financial both climbed 1.02 percent, Mizuho Financial collected 2.13 percent, Mitsubishi Electric rallied 3.13 percent, Panasonic Holdings tumbled 1.95 percent, Hitachi accelerated 2.29 percent and Sony Group was unchanged.
The lead from Wall Street is pedestrian as the major averages opened lower on Monday, moved into the green by midday but faded going into the close to end mixed and little changed.
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hace 1h 40min
Rally May Stall For South Korea Stock Market
The South Korea stock market has finished higher in four straight sessions, collecting more than 160 points or 5.8 percent along the way. The KOSPI now rests just above the 2,855-point plateau although investors may lock in gains on Tuesday.
The global forecast for the Asian markets is murky ahead of key upcoming talks between the United States and China. The European markets were down and the U.S. bourses were flat and the Asian markets figure to split the difference.
The KOSPI finished sharply higher on Monday following gains from the financial shares, technology stocks and automobile producers.
For the day, the index jumped 43.72 points or 1.55 percent to finish at 2,855.77 after trading between 2,841.39 and 2,867.27. Volume was 528.24 million shares worth 13.61 trillion won. There were 700 gainers and 200 decliners.
Among the actives, Shinhan Financial collected 2.03 percent, while KB Financial rallied 4.14 percent, Hana Financial soared 5.58 percent, Samsung Electronics climbed 1.18 percent, Samsung SDI stumbled 2.01 percent, LG Electronics added 0.69 percent, SK Hynix jumped 2.00 percent, Naver improved 3.82 percent, Lotte Chemical advanced 0.82 percent, SK Innovation strengthened 1.30 percent, POSCO Holdings rose 0.39 percent, SK Telecom increased 0.95 percent, KEPCO surged 4.09 percent, Hyundai Mobis skyrocketed 10.04 percent, Hyundai Motor accelerated 4.32 percent, Kia Motors spiked 2.36 percent and LG Chem was unchanged.
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hace 1h 55min
Australia Business Confidence Data Due On Tuesday
Australia will on Tuesday see May results for the indexes of business confidence and business conditions, highlighting a light day for Asia-Pacific economic activity. In April, their scores were -1 and +2, respectively.
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hace 2h 55min
Canadian Dollar Higher As US-China Trade Talks Lift Sentiment
The Canadian dollar was higher against its most major counterparts in the New York session on Monday, as investors awaited outcome of trade talks between the US and China that kicked off in London.
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hace 3h 59min
Canadian Market Up Marginally In Cautious Trade
After a flat start and a subsequent drop to lower levels, the Canadian market emerged into positive territory about an hour past noon on Monday, but remains somewhat subdued with investors seeming reluctant to make significant moves.
The mood is cautious as investors await U.S. - China trade talks in London.
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hace 6h 30min
