European Stocks Close Higher Again As Investors Await Fed Policy

RTTNews | 575 days ago
European Stocks Close Higher Again As Investors Await Fed Policy

(RTTNews) - European stocks closed higher on Wednesday, extending recent gains, as investors digested the latest batch of earnings and economic reports, and awaited the Federal Reserve's monetary policy announcement, due later in the day.

Worries about geopolitical tensions and the outlook for the global economy amid higher borrowing costs, continued to weigh on the markets and limited their gains.

The Fed is widely expected to leave interest rates unchanged. The central bank's accompanying statement and Chairman Jerome Powell's post meet press conference are eyed for clues on the outlook for future interest rate moves.

The pan European Stoxx 600 climbed 0.67%. The U.K.'s FTSE 100 ended 0.28% up, Germany's DAX gained 0.76% and France's CAC 40 ended up 0.68%, while Switzerland's SMI advanced 1.08%.

Among other markets in Europe, Belgium, Denmark, Greece, Netherlands, Poland, Portugal, Russia, Spain and Turkiye closed higher.

Austria, Finland, Iceland and Sweden ended weak, while Norway closed flat.

In the UK market, Next gained more than 4.5% after raising its profit guidance for the fourth time so for this fiscal year

Melrose Industries climbed 3.7% and Centrica rallied 3.2%. CRH, Associated British Foods, 3i, Flutter Entertainment, Admiral and United Utilities advanced 2 to 2.6%. Rolls-Royce Holdings, Sainsbury, Pearson, Severn Trent and Persimmon also ended notably higher.

Standard Chartered ended down 2.7%. Antofagasta drifted down nearly 2.5%. GlaxoSmithKline, Barclays, Fresnillo, BP, BT, Croda International, Intertek Group and Natwest shed 1 to 2%.

In the German market, Hannover Rueck climbed nearly 3% and Sartorius ended 2.7% up. MTU Aero Engines, Munich RE, Qiagen, E.ON, Commerzbank, BMW, HeidelbergCement, Mercedes-Benz, Allianz, Continental and Deutsche Telekom gained 1 to 2%.

BASF ended 3% down. Siemens Energy, Daimler Truck Holding and Bayer ended lower by 1 to 1.1%.

In Paris, Teleperformance, WorldLine, Stellantis and Engie gained 2.2 to 2.9%. Safran gained nearly 2%, while Danone, Carrefour, Sanofi, Eurofins Scientific, Veolia and AXA ended higher by 1 to 1.8%.

Thales, Edenred, ArcelorMittal, Bouygues and Michelin posted moderate losses.

In the Swiss market, Barry Callebaut, the world's biggest chocolate maker, gained nearly 5% after updating its mid-term volume target.

On the economic front, UK house prices unexpectedly climbed in October due to a shortage of properties amid the robust labor market conditions, data from the mortgage lender Nationwide Building Society revealed Wednesday.

House prices posted a monthly growth of 0.9% in October, following a 0.1% rise in September. This was the highest since August 2022, when the rate of increase was the same.

The UK manufacturing activity continued to contract in October with downturns in production and new orders curtailing job creation and economic uncertainty and the cost of living crisis pushed sentiment to a 10-month low, final survey results from S&P Global revealed.

The Chartered Institute of Procurement & Supply final manufacturing Purchasing Managers' Index, or PMI rose to 44.8.

read more
Additional Support Expected For Hong Kong Stock Market

Additional Support Expected For Hong Kong Stock Market

The Hong Kong stock market has alternated between positive and negative finishes through the last six trading days since the end of the two-day winning streak in which it had rallied almost 500 points or 2.2 percent. The Hang Seng Index now sits just beneath the 23,575-point plateau and it's tipped to open higher again on Friday.
RTTNews | 28 minutes ago
Australian Market Modestly Lower

Australian Market Modestly Lower

The Australian stock market is trading modestly loser on Friday, reversing the gains in the previous session, despite the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling below the 8,400 level, with weakness in iron ore miners and technology stocks partially offset by a mixed performance in energy and financial stocks.
RTTNews | 29 minutes ago
China Bourse May Extend Thursday's Gains

China Bourse May Extend Thursday's Gains

The China stock market on Thursday snapped the five-day losing streak in which it had surrendered almost 50 points or 1.5 percent. The Shanghai Composite Index now sits just beneath the 3,365-point plateau and it may see additional support on Friday.
RTTNews | 58 minutes ago
Japan Retail Sales Climb 3.3% On Year In April

Japan Retail Sales Climb 3.3% On Year In April

The value of retail sales in Japan was up 3.3 percent on year in April, the Ministry of Economy, Trade and Industry said on Friday - coming in at 12.925 trillion yen.
RTTNews | 1h 14min ago
Win Streak May Continue For Singapore Stock Market

Win Streak May Continue For Singapore Stock Market

The Singapore stock market has moved higher in three straight sessions, advancing more than 40 points or 1 percent along the way. The Straits Times Index now sits just above the 3,915-point plateau and it may add to its winnings again on Friday.
RTTNews | 1h 28min ago
Japan Jobless Rate Holds Steady At 2.5%

Japan Jobless Rate Holds Steady At 2.5%

The unemployment rate in Japan came in at a seasonally adjusted 2.5 percent in April, the Ministry of Internal Affairs and Communications said on Friday.
RTTNews | 1h 47min ago