European Stocks Extend Gains To 3rd Straight Day

RTTNews | 1057 hari yang lalu

(RTTNews) - European stocks closed sharply higher on Tuesday, extending gains to a third straight session, with investors focusing on earnings updates and looking ahead to the European Central Bank's monetary policy announcement, due later in the week.

Stocks turned in a somewhat sluggish performance earlier in the day, reacting to reports of a spending slowdown at tech giant Apple and a mixed earnings update from IBM, as well as on worries about rate hikes after data showed a an acceleration in eurozone inflation and stronger than expected jobs growth in the U.K.

However, a rally on Wall Street thanks to strong corporate earnings, and rising hopes the Fed will less aggressive with its policy stance at its upcoming meeting later this month, helped lift sentiment as the day progressed.

The pan European Stoxx 600 gained 1.38%. The U.K.'s FTSE 100 advanced 1.01%. Germany's DAX surged 2.69%, France's CAC 40 climbed 1.79%, while Switzerland's SMI gained 1.02%.

Among other markets in Europe, Austria, Belgium, Finland, Ireland, Netherlands, Spain, Sweden and Turkey closed with strong gains.

Greece, Iceland, Norway, Poland and Portugal ended modestly higher. Russia closed weak, while Czech Republic and Denmark closed flat.

In the UK market, Informa gained nearly 6%. Burberry Group, JD Sports Fashion, B&M European Value Retail, Harbour Journey, Natwest Group, Standard Chartered, Smurfit Kappa Group, Lloyds Banking Group and Associated British Foods advanced 3 to 4.5%.

WPP, M&G, CRH, Land Securities, Smith (DS), Airtel Africa, DCC and ABRDN were among the other major gainers.

Ocado Group drifted down 3.2%. Haleon and Aveva Group ended lower by 2.4% and 2.2%, respectively.

In the German market, Adidas climbed more than 6%. Covestro, BASF, Deutsche Bank, Siemens, Bayer, E.ON, HeidelbergCement and Volkswagen gained 4 to 5.4%.

RWE, Daimler, Merck, BMW, Infineon Technologies, Zalando, Vonovia, Deutsche Post, MTU Aero Engines, Brenntag, Siemens Healthineers, Porsche Automobil and HelloFresh also rose sharply.

In France, Faurecia surged 5.7%. Publicis Groupe, Renault, Societe Generale, Valeo, Engie, ArcelorMittal, Accor, BNP Paribas, Veolia, Kering, Hermes International, Essilor, Vinci, Credit Agricole, Schneider Electric and Sodexo gained 2.5 to 4.7%.

EDF shares soared nearly 15% after the French government offered 12 euros per share to take full control of the company in a 9.7 billion-euros (US$9.85 billion) buyout offer to nationalize Europe's biggest nuclear power operator.

The offer price represented a premium of 53%, to the closing price of EDF shares on July 5, the day before Prime Minister Elisabeth Borne announced the nationalization.

Alstom ended lower by about 2.5%. The train maker warned of challenges from inflation and the shortage in electronic components after reporting an 8% increase in first-quarter sales. The train maker warned of challenges from inflation and the shortage in electronic components after reporting an 8 percent increase in first-quarter sales.

Norwegian telecommunications provider Telenor ASA slumped more than 3% as it reported a second quarter net loss attributable to equity holders of 1.11 billion Norwegian Kroner compared to profit of 2.19 billion Kroner last year.

Eurostat data showed that the region's inflation accelerated as estimated in June to set a fresh record high, driven by higher energy and food prices. Headline consumer price inflation surged to 8.6% from 8.1% in May.

In the U.K., the ILO unemployment rate came in at 3.8% in three months to May, unchanged from three months to April but down by 0.1 percentage points on the quarter. The rate was forecast to rise to 3.9%.

Switzerland's trade surplus decreased in the second quarter, as imports rose and exports fell, data from the Federal Customs Administration showed.

Exports fell 0.5% sequentially in the June quarter, reversing a 1.5% rebound in the March quarter. Meanwhile, imports logged 0.6% growth in the second quarter, after a 1.1% gain in the previous quarter.

The trade surplus shrank to CHF 7.612 billion in the June quarter from CHF 8.376 billion in the previous three-month period.

Gold Dips As US-China Trade Talks Continue

Gold prices dipped on Tuesday, ahead of US inflation report and ongoing US-China official talks, which is now the focus of investors from all over the world. Front Month Comex Gold for June delivery lost $11.20 (or 0.34%) to $3320.90 per troy ounce on Tuesday. Front Month Comex Silver for June delivery lost $14.60 cents (or 0.40%) to $36.542 today. The much-anticipated high-level trade talks between the world's two largest economies, U.S. and China, began on Monday in London and continued for the second day today. On the economic data front, the US Labor Department will release Consumer Price Index (CPI) data on Wednesday, which may help to determine the Federal Reserve's monetary policy before the Fed's June 17-18 meeting. Meanwhile, the World Bank, in its biannual Global Economic Prospects, has cut the global growth forecast to 2.3% from 2.7% for the current year citing "trade barriers" as a reason behind the global slowdown.

RTTNews | 1j 24min yang lalu

Crude Oil Prices Fade As US-China Talks Progress

Crude oil prices were down on Tuesday amidst uncertainty over trade talks between China and the United States continued, although the outcome remains uncertain. WTI oil closed down by $0.31 to settle at $64.98 per barrel. August Brent crude was last seen down by $0.03 to $67.01. To ease the standstill created by the reciprocal tariffs imposed by U.S. President Donald Trump and China, high-level officials from both nations convened at London on Monday to discuss steps to soften the conflict. As the talks went on for the second day today, Trump told reporters at the White House that the talks were "going well" and that he was "only getting good reports." While U.S. Treasury Secretary Scott Bessent described Monday's talks as "good meeting," the Commerce Secretary Howard Lutnick called them as "fruitful." On the geopolitical front, however, Russia showed no sign of relenting on its war with Ukraine and continued its attacks. Limiting the downside, the U.S. Energy Information Administration has reported today that US crude oil production is likely to decline over the next 18 months - while the approach of the summer driving season is also good news.

RTTNews | 1j 30min yang lalu

Canadian Dollar Appreciates Amid Risk Appetite

The Canadian dollar climbed against its major counterparts in the New York session on Tuesday, as investors monitored trade talks between the U.S. and China that continued for a second day.

RTTNews | 2j 10min yang lalu

Swiss Market Ends Marginally Down

Save for a very brief while at the start, the Switzerland market stayed weak on Tuesday as investors refrained from making significant moves, choosing to wait for directional clues. Investors awaited the outcome of the high-level trade discussions between U.S. and Chinese officials in London.

RTTNews | 3j 35min yang lalu

European Stocks Close On Mixed Note

European stocks turned in a mixed performance on Tuesday with investors mostly making cautious moves as they awaited the outcome of the ongoing Sino-U.S. trade talks in London. German stocks are drifting lower on Tuesday as investors await the outcome of high-level U.S. - China trade talks in London.

RTTNews | 3j 51min yang lalu

TSX Up Marginally; Energy Stocks Rise

After a flat start and a subsequent climb up north, the Canadian market retreated Tuesday morning, and at a little past noon, was up marginally, led by gains in energy, consumer and communications sectors. Investors are cautiously optimistic about some positive progress in U.S.-China trade relations.

RTTNews | 4j 59min yang lalu

U.S. Stocks Mostly Subdued In Lackluster Trade

U.S. stocks are turning in a mixed performance in lackluster trade on Tuesday as traders await the outcome of the ongoing trade talks between China and the U.S. in London. Trade negotiations between the world's two largest economies commenced on Monday, and no big breakthrough seems to have been arrived as yet.

RTTNews | 5j 35min yang lalu

Eurozone Investor Confidence Strongest In A Year: Sentix

Euro area investor morale rose to the highest level in a year in June, driven by the economic recovery in Germany, survey data from the behavioral research institute Sentix showed Tuesday. The investor sentiment index rose to +0.2 in June from -8.1 in May. This was the highest reading since June 2024 and remained well above economists' forecast of -6.0.

RTTNews | 8j 29min yang lalu

EURUSD	1.14221	GBPUSD	1.34956	AUDUSD	0.65231
USDJPY	144.841	USDCAD	1.36699	USDCHF	0.82224

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European Stocks Extend Gains To 3rd Straight Day