European Shares Decline On Downbeat Earnings; ECB Decision Eyed

RTTNews | 595 days ago
European Shares Decline On Downbeat Earnings; ECB Decision Eyed

(RTTNews) - European stocks fell on Thursday as downbeat earnings from the likes of WPP, Unilever, Mercedes Benz and BNP Paribas added to concerns around elevated bond yields and the Middle East tensions.

Investors also await the ECB rate decision and President Christine Lagarde' press conference for clarity on the outlook for rates.

The central bank is expected to keep its key interest rate unchanged at a record 4 percent high against the backdrop of cooling inflation and faltering growth.

The pan-European STOXX 600 was down 0.9 percent at 431.18 after ending little changed with a positive bias on Wednesday.

The German DAX gave up 1.4 percent, France's CAC 40 fell about 1 percent and the U.K.'s FTSE 100 was down 0.6 percent.

German luxury carmaker Mercedes-Benz slumped 5.3 percent after saying it expects pressure on car sales margins. Peer BMW tumbled 2.8 percent and Renault declined 2.5 percent.

Chip systems manufacturer Aixtron rose about 1 percent after reporting a significant increase in third-quarter net profit and revenue.

Meal-kit maker HelloFresh plummeted almost 12 percent after reporting revenue below expectations for the third quarter.

French lender BNP Paribas fell 3.8 percent after posting a fall in third-quarter net profit on higher expenses.

Food group Danone rose 2 percent after lifting its 2023 revenue growth forecast.

Sodexo jumped 6.3 percent. The catering and food services group said it plans to list its voucher and benefits division Pluxee early in 2024.

Carrefour, Europe's largest food retailer, surged 4 percent after reporting higher third-quarter sales and backing its full-year targets.

Energy stocks such as BP Plc and Shell were moving lower as crude prices declined amid diplomatic efforts to prevent the Israel-Gaza conflict from spreading.

British lender Standard Chartered plunged 11 percent after reporting a sharp drop in quarterly profit, partly due to $900mn of China-linked charges.

Precision instruments manufacturer Renishaw fell about 1 percent after a profit warning.

Consumer goods giant Unilever tumbled 3 percent after its new CEO laid out plans to simplify business.

Advertising giant WPP lost over 3 percent after cutting its outlook for the second time in as many quarters.

read more
Win Streak May Continue For South Korea Stock Market

Win Streak May Continue For South Korea Stock Market

The South Korea stock market has finished higher in seven straight sessions, collecting more than 225 points or 8.2 percent along the way. The KOSPI now rests just above the 2,920-point plateau and it's tipped to open in the green again on Friday.
RTTNews | 23 minutes ago
New Zealand Manufacturing PMI Data Due On Friday

New Zealand Manufacturing PMI Data Due On Friday

New Zealand will on Friday release May results for the manufacturing PMI from BusinessNZ, highlighting a light day for Asia-Pacific economic activity. In April, the PMI score was 53.9.
RTTNews | 1h 18min ago
Taiwan Shares May Bounce Higher Again On Friday

Taiwan Shares May Bounce Higher Again On Friday

The Taiwan stock market on Thursday ended the three-day winning streak in which it had rallied more than 810 points or 3.6 percent. The Taiwan Stock Exchange now sits just beneath the 22,290-point plateau and it may see renewed support on Friday.
RTTNews | 1h 41min ago
Rebound Anticipated For Japan Stock Market

Rebound Anticipated For Japan Stock Market

The Japan stock market on Thursday ended the four-day winning streak in which it had climbed more than 860 points or 2.5 percent. The Nikkei 225 now sits just beneath the 38,175-point plateau although it may bounce higher again on Friday.
RTTNews | 1h 42min ago
U.S. Dollar Weakens After Soft PPI Data

U.S. Dollar Weakens After Soft PPI Data

The U.S. dollar dropped against its major counterparts in the New York session on Thursday, as soft producer inflation data for May raised hopes of a rate cut by the Federal Reserve.
RTTNews | 4h 57min ago
Canadian Market Up Slightly In Cautious Trade

Canadian Market Up Slightly In Cautious Trade

After a flat start and a subsequent drop, the Canadian market moved into positive territory Thursday morning, led by gains in materials and communications sectors. The mood remains cautious amid uncertainty about U.S.-China trade deal and easing prospects of he European Union arriving at a pact with the U.S. before the July 8 deadline. Middle East tensions also weigh on sentiment.
RTTNews | 6h 41min ago
U.S. Producer Prices Inch Up 0.1% In May, Less Than Expected

U.S. Producer Prices Inch Up 0.1% In May, Less Than Expected

After reporting an unexpected decrease by U.S. producer prices in the previous month, the Labor Department released a report Thursday showing producer prices crept slightly higher in the month of May. The Labor Department said its producer price index for final demand inched up by 0.1 percent after slipping by a revised 0.2 percent in April.
RTTNews | 9h 28min ago
U.S. Weekly Jobless Claims Unexpectedly Unchanged At Eight-Month High

U.S. Weekly Jobless Claims Unexpectedly Unchanged At Eight-Month High

The Labor Department released a report on Thursday showing first-time claims for U.S. unemployment benefits came in flat in the week ended June 7th. The report said initial jobless claims in at 248,000, unchanged from the previous week's revised level. Economists had expected jobless claims to dip to 240,000 from the 247,000 originally reported for the previous week.
RTTNews | 9h 32min ago