European Shares Seen Tad Higher As China GDP Beats Expectations

RTTNews | 666 hari yang lalu

(RTTNews) - European stocks may open flat to slightly higher on Wednesday as investors ponder over risks stemming from the Israel-Hamas conflict and react to improved China data. Ahead of U.S. President Joe Biden's Middle East trip, Hamas and Israel traded accusations regarding the deadly blast at a hospital in Gaza City that killed 500 people and invited widespread international condemnation.

On the 12th day of the war, Israeli Prime Minister appeared to be blaming the "evil axis of Hamas, Hezbollah and Iran" for the October 7 attacks on his country.

Most Asian markets reversed early losses after China's GDP growth for the third quarter beat estimates.

China's economic growth slowed to 4.9 percent year-on-year in the July-September period, down from 6.3 percent in the previous quarter but better than forecasts for 4.4 percent growth.

The readings on retail sales and industrial output for September also surprised on the upside, suggesting that Beijing's stimulus measures to prop up banking and property sectors are gaining traction.

The yen jumped briefly before after the Bank of Japan announced an unscheduled bond purchase operation.

The dollar index remained on the back foot despite a surge in U.S. Treasury yields on concerns the Federal Reserve will keep interest rates higher for longer and might even announce a hike in rates this year.

Gold rose about 1 percent to hover near one-month highs and crude jumped nearly 2 percent amid heightened tensions in the Middle East.

The European economic calendar remains light, with consumer and producer prices from the U.K. and EU harmonized CPI data due later in the day.

U.S. stocks ended mixed overnight while Treasury yields rose as encouraging retail sales and industrial production data along with better-than-expected earnings from Bank of America and Goldman Sachs revived Fed rate hike fears.

The Dow inched up marginally, while the S&P 500 ended flat with a negative bias and the tech-heavy Nasdaq Composite dropped 0.3 percent.

European stocks ended little changed on Tuesday as investors reacted to a slew of downbeat earnings reports and higher bond yields.

The pan European STOXX 600 slipped marginally. The German DAX and France's CAC 40 both ended flat with a positive bias while the U.K.'s FTSE 100 rose 0.6 percent on favourable labour market data.

Japan GDP Data Due On Friday

Japan will on Friday release preliminary Q2 numbers for gross domestic product, highlighting a busy day for Asia-Pacific economic activity. GDP is expected to rise 0.1 percent on quarter and 0.4 percent on year following the flat quarterly reading and the 0.2 percent contraction in the three months prior. Capex is seen higher by 0.5 percent on quarter, easing from 1.1 percent in Q1.

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The U.S. dollar climbed against its major counterparts in the New York session on Thursday, following the release of hotter-than-expected producer inflation report for July.

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The Canadian market, which opened on a weak note Thursday morning, continues to languish in negative territory well past noon, weighed down by losses in technology and industrials sectors.

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Swiss Market Ends Modestly Higher After Mild Struggle

The Switzerland market recovered after a flat start on Thursday, and after staying positive till well past noon, suffered a setback but regained some strength to eventually end the day's session modestly higher.

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Major European Markets Close On Positive Note

Amid expectations of a rate cut from the Federal Reserve in September, and hopes the meeting between the Presidents of the U.S. and Russia will help end the war in Ukraine, the major European markets closed on a positive note on Thursday, although the U.K. market underperformed other major markets in the region.

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U.S. Producer Price Growth Far Exceeds Estimates In July

Producer prices in the U.S. increased by much more than expected in the month of July, the Labor Department revealed in a report released on Thursday. The Labor Department said its producer price index for final demand shot up by 0.9 percent in July after coming in unchanged in June. Economists had expected producer prices to rise by 0.2 percent.

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U.S. Weekly Jobless Claims Unexpectedly Dip To 224,000

The Labor Department released a report on Thursday unexpectedly showing a modest decrease by first-time claims for U.S. unemployment benefits in the week ended August 9th. The report said initial jobless claims dipped to 224,000, a decrease of 3,000 from the previous week's revised level of 227,000.

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UK GDP Rises More Than Expected

The UK economy expanded more than expected in the second quarter but the overall growth softened as US frontloading propelled growth at the start of the year. Gross domestic product expanded 0.3 percent in the second quarter largely driven by growth in the service sector, the Office for National Statistics reported Thursday. Although the rate was stronger than the expected growth of 0.1 pe

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EURUSD	1.16488	GBPUSD	1.3528	AUDUSD	0.64974
USDJPY	147.789	USDCAD	1.38137	USDCHF	0.80761